• Total US oil rigs were flat at 747
• Horizontal oil rigs, however, were up 1 to 655
• Horizontal rigs saw quite a bit of shuffling, with the major basins +10 and the minor basins -9. This probably reflects redeployment at this point and should be considered a tactical, rather than strategic, development
...
• We expect the rig count to surge upward in the next four weeks, with some weeks exceeding +10 horizontal oil rigs
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.