The US rig count inched up by three in the last week to 517 as of April 21, according to Enverus Rig Analytics.
While that may not seem like a particularly significant move, this is the first week in 2021 to show an increase on a YOY basis. The current count is up 7% in the last month and up 11% YOY.
At this point in 2020, crude spot prices went from averaging a closing price of $50.54/bbl in February to an average of $16.55/bbl in April, according to the EIA.
And who can forget negative pricing on April 20, 2020. On April 21, 2020, the rig count had plummeted 39% month over month and 55% YOY.
Source: press release