Friday, October 20, 2017

Oil Rigs "The US oil rig count was crushed this week"

by Bill McBride on 10/20/2017 05:23:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Oct 20, 2017:

• The US oil rig count was crushed this week

• Total US oil rigs were down 7 to 736

• Horizontal oil rigs were down 10 to 638, the worst week for horizontal rigs since March 2016
...
• The loss of rigs is consistent with our lagged WTI model (below), but the scale of the decline this week was stunning.
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.