Friday, February 16, 2018

Oil Rigs "Continued gains in rig counts"

by Bill McBride on 2/16/2018 07:42:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 16, 2018:

• Total US oil rigs saw another solid week, +7 to 798

• Horizontal oil rigs were up even better, +10 to 696
• All the action was in the inscrutable ‘Other’ plays, which added 12 horizontal oil rigs, compared to a loss of 2 across the major plays

• The oil price stabilized this past week, and the Brent spread has recovered a bit to about $3.30 / 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.