Friday, September 21, 2018

Oil Rigs Decline Slightly

by Bill McBride on 9/21/2018 07:15:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 21, 2018:

• Oil rigs declined, -1 to 866

• 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.
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.