by Bill McBride on 6/17/2016 06:20:00 PM
Friday, June 17, 2016
A few comments from Steven Kopits of Princeton Energy Advisors LLC:
"US horizontal oil rig counts were up 2 this week to 265, now 17 off the cycle trough five weeks ago.Click on graph for larger image.
US vertical rigs were up sharply, +7 to 48. We can now call the cycle bottom here for May 27."
Graph Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
CR Note: This graph is horizontal rig count only (not vertical). The increase is still pretty minor.
Posted by Bill McBride on 6/17/2016 06:20:00 PM