Monday, June 25, 2018

Oil Rigs: Total US oil rigs fell 1 to 862 last week

by Bill McBride on 6/25/2018 05:10:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 22, 2018:

• Total US oil rigs fell 1 to 862 last week

• Horizontal oil rigs added 2 to 767
...
• The appetite to add rigs seems to be waning, as we noted last week, and a new interim peak may be forming.

• This in turn suggests the breakeven price to add oil rigs is rising to about $60 / barrel WTI, up from around $48 / barrel a year ago.

• Oil prices recovered on the OPEC deal – no surprise – but seem weak again today.
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.