Friday, August 25, 2017

Oil Rigs "Rig counts rolling off"

by Bill McBride on 8/25/2017 04:53:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Aug 25, 2017:

• Continued decline in rig counts

• Total US oil rigs were down 4 to 759

• Horizontal oil rigs were down 3 at 647
...
• Drilling Info is showing more optimistic rig numbers than Baker Hughes

• Thesis is unchanged: Expect rigs counts to roll off for the next three months or so, with oil prices languishing in the $46-49 range typically
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.