The US oil business remains as uneventful as I have seen it since I started covering the sector 17 years ago. Very little has changed since last September, including rig and spread counts and oil production. It’s frankly a bit strange in an industry characterized by massive swings, both up and down. Of course, stability is preferable. Nevertheless, the history of oil tells us that it is unlikely to last too long.
Rig counts
Total oil rig counts: -5 to 506
Horizontal oil rig counts: -2 to 457
Frac spreads: -3 to 257
DUC inventory has largely stabilized at 16 weeks of turnover