US rig count increases slightly

 

 

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