Sunday, December 24, 2017

Oil Rigs "A modest gain in horizontal oil rigs"

by Bill McBride on 12/24/2017 05:45:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Dec 22, 2017:

• Total US oil rigs were flat at 747

• Horizontal oil rigs, however, were up 1 to 655

• Horizontal rigs saw quite a bit of shuffling, with the major basins +10 and the minor basins -9. This probably reflects redeployment at this point and should be considered a tactical, rather than strategic, development
...
• We 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.