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Friday, March 02, 2018

Oil Rigs "A Small Rise in Rig Counts"

by Calculated Risk on 3/02/2018 03:45:00 PM

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

• Total US oil rigs came in soft this week, +1 to 800

• Horizontal oil rigs were up, +2 to 699
• Rig additions should be accelerating through the coming weeks. If we do not see a substantial rise in the horizontal oil rig count in the next two weeks, we will once again be looking at an inflection point

• For the week as a whole, oil prices were not much changed over the previous week, holding around $61 / barrel WTI.
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.