Friday, March 24, 2017

Oil: "Incredible strength in rig additions"

by Bill McBride on 3/24/2017 07:08:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Mar 24, 2017:

• US oil rig count was up an eye-popping 21 this week to 652

• US horizontal oil rigs were up by 13 to 543
...
• Despite a major correction in oil prices, rig additions continue at a rapid pace.
Oil Rig CountClick on graph for larger image.

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