Friday, July 14, 2017

Oil Rigs: "Winter is coming"

by Bill McBride on 7/14/2017 06:13:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 14, 2017:

• Total US oil rigs were up 2 to 765

• Horizontal oil rigs were down 2 to 655
...
• Conclusion: The Eagle Ford is visibly struggling, the Bakken has been adapting, the Permian is still in play, and a lot is going on off-radar in the ‘Other’ basins

• $45 WTI seems to be the lower limit for the US shale patch
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.