Friday, May 18, 2018

Oil Rigs: "A Surprising Pause in Rig Additions"

by Bill McBride on 5/18/2018 09:28:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 18, 2018:

• Total US oil rigs were flat at 844

• Horizontal oil rigs added 1 to 746
...
• Given the strength of oil prices recently, this week’s pause in rig additions came as something of a surprise, but might be attributable to transient, technical factors
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.