by Bill McBride on 4/21/2017 05:34:00 PM
Friday, April 21, 2017
A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 21, 2017:
• Total US oil rigs were up 5 to 688Click on graph for larger image.
• US horizontal oil rigs added 9 to 581
• The US horizontal oil rig count is now within two weeks of the entire number necessary to cover the US contribution to incremental global oil supply.
• The market has clearly become jittery, and OPEC promises to extend production cuts are no longer comforting worried investors
CR note: This graph shows the evolution of the EIA's Short-Term Energy Outlook (STEO) production forecasts by month. The production outlook keeps increasing.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
Posted by Bill McBride on 4/21/2017 05:34:00 PM