Friday, February 09, 2018

Oil Rigs "Rig Counts Soar as Oil Prices Collapse"

by Bill McBride on 2/09/2018 03:59:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 9, 2018:

• Total US oil rigs were up an astounding +26 to 791

• Horizontal oil rigs were similarly up, +18 to 686
• The Permian added 9 horizontal oil rigs, the major plays added 5, ‘Other’ added 4.

• The oil price collapsed this week, falling almost $7 / barrel in the last five days.

• Very bearish.
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.