Saturday, February 04, 2017

Oil: "Another huge week" for total US oil rigs, Pressure on OPEC deal

by Bill McBride on 2/04/2017 09:19:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 4, 2017:

• Another huge week, total US oil rigs up 17 to 583

• Horizontal oil rig counts up +16 to 479
...
• The OPEC deal is looking at trouble ahead—three more weeks of this and the OPEC deal will fall apart

• Cana Woodford has moved distinctly into second place among US shale plays
HZ Rig CountClick on graph for larger image.

Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.