Friday, April 20, 2018

Oil Rigs "Middling rig adds"

by Bill McBride on 4/20/2018 05:41:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 20, 2018:

• Total US oil rigs were up, +5 to 820

• Horizontal oil rigs were up,+6 at 723
...
• Almost all the action was back in the Permian, +9 horizontal oil rigs

• The breakeven oil price to add rigs appears to have crept up from around $48 WTI late last year, to about $56 WTI now.

• The Brent spread remains above $5 / 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.