by Calculated Risk on 6/17/2016 06:20:00 PM
Friday, June 17, 2016
Oil: Horizontal Rig Counts Increased Slightly Again
A few comments from Steven Kopits of Princeton Energy Advisors LLC:
"US horizontal oil rig counts were up 2 this week to 265, now 17 off the cycle trough five weeks ago.
...
US vertical rigs were up sharply, +7 to 48. We can now call the cycle bottom here for May 27."
![HZ Rig Count](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCzWmTPJC62V4KTlcmqNY8v5o2fWzTzB5TqTgU8Kw4sRhM4h6CLelSKvwQcrxyvvRNLVnGD4IUz85msTv3ebqii7G9Jp_6yahU9YUgSy1gLxkiuBnrMfa6tM4rr-ac1_ccopkNUQ/s320/HZRigCount.png)
Graph Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
CR Note: This graph is horizontal rig count only (not vertical). The increase is still pretty minor.