Rigs counts recovered
Total oil rig counts rebounded, +10 to 609
Horizontal oil rig counts similarly rose, +7 to 563
Net all 7 of the added horizontal rigs were from the Permian.
The pace of horizontal rig additions rose to -0.5 / week on a 4 wma basis, with this metric in negative numbers for the last two months
The calculated US breakeven to add horizontal oil rigs rose to $74 / barrel WTI versus $79 on the screen at writing.
Frac spreads fell, -4 to 266, still no higher than a year ago
As with rigs, the local peak was reached on November 25th at 300 spreads.
With the loss of spreads and rise in rigs, DUC counts appear stable
The overall thesis is unchanged. The shale sector looks to be in trouble.