Sunday, September 09, 2018

Oil Rigs: RIg counts move sideways, again

by Calculated Risk on 9/09/2018 08:17:00 AM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 7, 2018:"That's all, folks!"

• Oil rigs declined, -2 to 860

• Horizontal oil rigs gained, +1 to 766
• Horizontal oil rigs have gone exactly nowhere in the last 12 weeks

• The breakeven oil price to add horizontal oil rigs continues to creep up, now around $74 WTI. This is a good bit higher than the current price around $67.
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.