Friday, August 18, 2017

Oil Rigs "Rigs counts are now off the peak"

by Bill McBride on 8/18/2017 05:03:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Aug 18, 2017:

• Rigs counts are now off the peak

• Total US oil rigs were down 5 to 763

• Horizontal oil rigs were down 4 at 650
...
• 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.