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Friday, February 02, 2018

Oil Rigs "Some signs of life outside the Permian"

by Calculated Risk on 2/02/2018 04:26:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 2, 2018:

• Total US oil rigs were up, +6 to 765

• Horizontal oil rigs were similarly up, +6 to 668
• The Permian took a breather this week, with no horizontal gains after last week’s large 12 rig addition
• The oil price softened this week, with the Brent spread falling under $4. The price outlook is accordingly bearish as we head into turnaround season for the refineries.
Oil Rig CountClick 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.