• Oil rigs -9 to 480
• Gas rigs +1 to 96

With oil falling into the 50s this week, I think it cements that US oil production will fall this year. The US has already drawn down its drilled-but-uncompleted wells and Tier 1 inventory is scarce. The economics of new wells make it very tough to justify capital spending at even $65/barrel, add in the uncertainty and steel tariffs and oil companies are going to pull back on spending.

WTI crude is up $0.85 cents today is risk assets bounce, trading at $60.90.