EOA Rig Count Report

MAIN TAKEAWAY

• The large drop in the natural gas-directed rig count reflects the decline in prices for natural gas and the softening of the global LNG market.  However, we expect the situation to change this summer.

• The rig count has continued to increase in the Gulf of Mexico, reaching its highest since early March 2020.  We have been bullish on offshore drilling in recent months.   

IN DETAIL