by Calculated Risk on 9/21/2018 07:15:00 PM
Friday, September 21, 2018
A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 21, 2018:
• Oil rigs declined, -1 to 866Click on graph for larger image.
• Horizontal oil rigs fell, -3 to 766
• Horizontal oil rigs are essentially unchanged in the last 14 weeks
• The Permian added 3 rigs, the Cana Woodford was hammered with a loss of 6 rigs
• The breakeven oil price to add horizontal oil rigs is now $70 WTI, about the same as WTI.
• The model suggests horizontal oil rig counts will decline again next week.
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.
Posted by Calculated Risk on 9/21/2018 07:15:00 PM