Bakers Hughes rig count.
- Oil rigs 365 versus 359 last week
- Gas rigs 96 versus 97 last week
- Total rigs 461 versus 456 last week
Crude oil is trading at $71.16
Although higher, the reluctance to take rigs up to levels seen before the pandemic have been slow despite the rise back higher in crude oil prices.
The industry seems to not want to get back in the boom and bust cycle of the past where higher oil prices lead to going full steam ahead into rig build up. Slow and steady, and rewarding investors through dividends of profits is preferred to plowing money back into the hit and miss of drilling, and/or the volatility from the ups and downs in global oil production (and potential regulation as well).