Friday, November 17, 2017

Oil Rigs "Rigs counts took a breather this week"

by Bill McBride on 11/17/2017 08:21:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Nov 17, 2017:

• Rigs counts took a breather this week

• Total US oil rigs were flat, +0 to 738

• Horizontal oil rigs eased back, -1 to 636
...
• On Wednesday, I suggested that excess inventory draws in the US and the Brent-WTI spread likely meant a resumption of upward oil price pressures, and we saw that today, with WTI up $1.35 and the Brent spread holding steady at $6.25
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.