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Rig Counts Respond to Rapid Recovery in WTI!

April 6, 2021

Defying all but the most optimistic forecasts, the US-based West Texas Intermediate prices have soared by 22% since ’20 closing price of $48.52.

This dramatic surge is attributed to optimism about an early wind-down of the pandemic-driven contractions and unexpected discipline on the parts of both OPEC+, and more surprisingly, the US shale industry centered here in the Permian.

Hence, growth rates in US-based production are way slower than compared to recent post-recession patterns. The upshot: Rig counts are up, but they have an awfully long way to go before they get near the frenzied levels of 2018 (and early 2019).

This lack of a fast rebound is said to reflect more “capital discipline” on the parts of producers and their suppliers.

First Keystone is a supplier of state-of-the-art industrial warehouses for rent or purchase in the vital Pecos, Texas region! 

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First Keystone Pecos
Industrial Park Office

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Call Us:
(432) 701-0063

The broker for these properties is: 

Moriah Real Estate Company

Call Moriah:
(432) 682-2510

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