• Total US oil rigs added 6 to 703, all of it in the Permian
• US horizontal oil rigs were up 6 to 598, tied for the second smallest gain since late January
• Morgan Stanley, among other bank and sector analysts, reassures us that OPEC production cuts should finally become visible in the next few weeks
• The market isn’t buying it, though – Art Berman issued a note entitled ‘Oil Prices Plunge to Where They Should Be’. Given the relatively strong performance of the shale operators reporting quarterly results this week, he might be right.
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.