Friday, February 23, 2018

Oil Rigs "Oil rig counts take a breather"

by Bill McBride on 2/23/2018 07:05:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 23, 2018:

• Total US oil rigs took an anticipated breather this week, +1 to 799

• Horizontal oil rigs were up, +1 to 697
• The oil price continues to recover

• If rig count additions continue on our forecast trajectory, expect this to weigh on sentiment during March, particularly if supply gains surprise to the upside
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.