Friday, September 01, 2017

Oil Rigs "Horizontal rig counts continue to fall"

by Bill McBride on 9/01/2017 07:33:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Sept 1, 2017:

• Continued decline in horizontal rig counts

• Total US oil rigs were flat at 759

• Horizontal oil rigs were down 3 at 644
...
• Drilling Info continues to show a widening disparity to Baker Hughes

• Thesis is unchanged: Expect rigs counts to roll off for the next two 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.