Friday, November 03, 2017

Oil Rigs "Rigs counts were off this week"

by Bill McBride on 11/03/2017 06:43:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Nov 3, 2017:

• Rigs counts were off this week

• Total US oil rigs were down, -8 to 729

• Horizontal oil rigs fell, -4 to 626, the lowest since May
...
• Oil rigs will begin to see a marked recovery heading into December

• The gap between Brent and WTI continues above $6 / barrel, with WTI now at $55 / barrel
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.