Friday, December 15, 2017

Oil Rigs "The Calm before the Storm"

by Bill McBride on 12/15/2017 02:50:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Dec 15, 2017:

• Rigs overall continue in recovery mode

• Total US oil rigs were down 4 to 747

• Horizontal oil rigs, however, were up 2 to 654
...
• Expect the rig count to surge upward in the next four weeks, with some weeks exceeding +10 horizontal oil rigs
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.