Weekly oil and gas drilling rigs from Baker Hughes
- Nat gas 98 vs 99 prior
Here's a chart from CIBC showing US drilled but uncompleted wells. They've been drawn down since the start of the pandemic as companies fake better efficiency and capital discipline. Rigs have been rising but they're going to have to rise much more quickly to maintain US production. The EIA is forecasting around 700k bpd more production in 2022 and I just don't see it, though WTI rising even further would certainly change that.
