• Total US oil rigs were up 11 to 673
• US horizontal oil rigs added 11 to 572
...
• The US horizontal oil rig count is now within three weeks of the entire number necessary to cover the US contribution to incremental global oil supply.
• US supply is blowing right through earlier production gain forecasts, up by 600 kbpd over the last half year
Click on graph for larger image.Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.