• The US oil rig count was crushed this weekClick on graph for larger image.
• 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
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• The loss of rigs is consistent with our lagged WTI model (below), but the scale of the decline this week was stunning.
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
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