As we move into the second quarter of 2018, the situation for the oil and gas industry – especially for oil – is as bullish as at any time since 2013. Here are some of the major elements that are combining to create the current positive environment:
The domestic rig count appears to have stabilized – The Baker Hughes U.S. rig count rose steadily throughout the first quarter, though at a significantly less-rapid pace than it did during the same quarter of 2017. Altogether, the Baker Hughes count is up 69 rigs for the year, as compared to an increase of 159 U.S. rigs during Q1 2017. For March, the Baker Hughes count rose by just 12 rigs overall, and was down by 2 during the month’s final week.