Energy Mechanics · NG · Rigs & drilling

The leading edge
of future supply

RIGS · ACTIVE COUNT
RELEASE · BAKER HUGHES · WEEKLY
VINTAGE · —
NEXT RIGS · —
FRIDAY 1:00 ET
STATUS · LOADING
Rig count is the cleanest leading indicator for gas supply. — horizontal rigs are currently drilling for gas, with another — targeting oil but producing associated gas as a byproduct. Each new well takes 6–9 months from spud to first production, so today's rig count is forecasting next-year's supply growth. The ratio of DUCs (drilled but uncompleted wells) to completions is the shorter-cycle lever operators pull on price moves.
Gas-targeting rigs Oil rigs (associated gas) count · weekly Baker Hughes
BASIN · ACTIVE RIGS TYPE & CONTEXT Haynesville — PRICE-SENSITIVE GAS Swings hardest on Henry Hub. First to add, first to drop. Appalachia · Marcellus/Utica — STRUCTURAL GAS Lower-cost. Pipeline takeaway is the binding constraint. Permian — OIL RIGS · ASSOCIATED GAS Gas grows even when gas price is low — driven by crude economics. Other basins (Anadarko + Eagle Ford + misc) — MIXED · MOSTLY OIL-LEANING SCOOP/STACK and Eagle Ford condensate. Smaller swing factor. Σ GAS-TARGETING = — · Σ OIL = — · TOTAL U.S. RIGS — DUCs (drilled-but-uncompleted): ~4,500
Gas-targeting rigs
—
— vs prior week
—
Oil rigs (associated gas)
—
also producing gas
Haynesville swing
—
most price-elastic basin
Rigs vs. 5-yr avg
—
all U.S. rigs
SOURCE · Baker Hughes North America Rig Count, released Fridays at 1:00 PM ET. Free weekly series; not part of EIA. Per-basin allocation here is approximate — Baker Hughes reports by play but groups several smaller basins into "other." DUC count is from EIA's Drilling Productivity Report monthly estimate. Pulling the Baker Hughes weekly CSV directly is the next step; until then the figures shown are recent representative values.
SECOND·ORDER·EDGE