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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.

Recent Posts
  • Rig Counts Respond to Rapid Recovery in WTI!
  • Where Are Oil Prices Going?
  • Do Rig Counts Tell Us Everything We Need to Know? – Part 3
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