Friday, March 17, 2017

Oil: "Another Big Rig Add"

by Bill McBride on 3/17/2017 02:47:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Mar 17, 2017:

• The US oil rig count was up by 14 this week to 631

• US horizontal oil rigs were up by 14 to 530
• This was another very aggressive rig add, but curiously came from outside the major plays.  This suggests that either the business is spreading beyond its historical boundaries, or that some technical and non-recurring issues may be at play.

• Decidedly bearish on the face of it.
Oil Rig CountClick on graph for larger image.

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