U.S. Oil Rigs

The U.S. Oil Rig Count from Baker Hughes rebounded to 356 last week (May 21st) from the low last August of 172. However, the count is still well below the 800+ numbers recorded in much of 2018 when crude oil prices were near similar levels as they are today.

The steep drop in economic activity last year resulted in a dramatic decline in crude oil prices, production, and drilling. The subsequent price rebound should continue to enable a resumption of drilling.