Oil: "Price weakness failed to dent enthusiasm for rig additions this week"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 12, 2017:

• Total US oil rigs added 9 to 712

• US horizontal oil rigs were up 9 to 607, breaking through the total ‘call’ for the cycle

• Once again, all the action was in the Permian, taking 8 of 9 horizontal rig additions

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.