by Calculated Risk on 10/13/2017 06:07:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Oct 13, 2017:

• The US oil rig count eased back again

• Total US oil rigs were down 5 to 743

• Horizontal oil rigs were down 3 to 638
...
• In May, $50 WTI would have brought forth a gain of nearly 10 rigs per week.  Today, $50 oil at best will hold rig counts steady.

• To regain upward momentum, our model suggests WTI would have to reach about $56 / barrel.  WTI was trading at $51.40 today.

Click 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.