US drillers make a few more holes in the latest count

  • Prior was 683
  • Natural gas rigs 167 vs 162 prior
  • Total rigs 857 vs 847 prior

Every time an OPEC member sees this report, they must cringe.

It's still a long way to the max number back in 2014 but wells are far more efficient today. Production is less than 4% from the 2015 highs.

The US rig count is up 44% since OPEC announced quotas on November 30.