This month’s issue of FundamentalEdge explores the ongoing supply response to demand destruction caused by the COVID-19 pandemic. 

 

Since the crash in oil prices in March, the rig count has fallen by 670 or 66% (May vs. March). This significant decline implies a dramatic drop in current production.

 

In this report, Enverus will present several additional indicators by basin that help quantify the size of the production decline foretold by this rig count.