Friday, December 01, 2017

Oil Rigs "Rigs continue to move ahead"

by Bill McBride on 12/01/2017 07:35:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Dec 1, 2017:

• Total US oil rigs were up 2 to 749, and up 20 over the last four weeks

• Horizontal oil rigs were up 3 to 648, up 22 in the last four weeks
• Once again, WTI appears to be closing on Brent from below, suggesting US excess inventories are thinning.

• The oil price direction remains firmly upward
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.