Oil Rigs: "A Surprising Pause in Rig Additions"

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

Click 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.