Friday, May 11, 2018

Oil Rigs: "Rig additions keep rolling along"

by Bill McBride on 5/11/2018 06:32:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 11, 2018:

• Total US oil rigs were up, +10 to 844

• Horizontal oil rigs, however, were only up +2 at 745
• Oil rig additions came in the neglected ‘directional’ category, but only represented the recovery off rigs taken off line last week

• With the Brent spread over $6 / barrel, the end of the Iran deal, and a general sense of bullishness around oil markets, expect rig count additions to accelerate
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.