Friday, June 16, 2017

Oil Rigs: "Smallest four week add since last year"

by Bill McBride on 6/16/2017 08:25:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 16, 2017:

• The party’s over.  Oil prices are beginning to weigh on drilling activity.

• Total US oil rigs were up 6 to 747

• However, only 1 new horizontal oil rig was added, and only 3 in the last two weeks

• On a 4 wma basis, this is the smallest gain since last October

• $45 / barrel WTI appears to be a pain point for US shales
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.