Friday, June 23, 2017

Oil Rigs: "Not dead yet!"

by Bill McBride on 6/23/2017 03:55:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 23, 2017:

• Total US oil rigs were up 11 to 756

• Horizontal oil rigs were up a whopping 12 to 648

• Goodness knows the underlying dynamics, but apparently the rig operators have not received the oil price crash memo.
Oil Rig CountClick on graph for larger image.

CR note: This graph shows the US horizontal rig count by basin.

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