Friday, June 29, 2018

Oil Rigs: "A lousy week for rigs"

by Bill McBride on 6/29/2018 02:49:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 29, 2018:

• Total oil rigs fell, -4 to 858

• Horizontal oil rigs were down, -2 to 765
• Rig count changes follow WTI with a lag of 9 weeks. Nine weeks ago, WTI stood at $68 / barrel, which does not seem enough to keep the rig count moving up at present

• Outside the Permian, rig counts tell a grim story of plays losing resilience
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.