Sunday, September 16, 2018

Oil Rigs: "Treading water"

by Bill McBride on 9/16/2018 08:12:00 AM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 14, 2018:

• Oil rigs gained, +7 to 867

• Horizontal oil rigs were up, +3 to 769
...
• Horizontal oil rigs counts are essentially unchanged in 13 weeks

• The Permian has been flat for six weeks, and is only 4 horizontal oil rigs higher than three months ago.

• The breakeven oil price to add horizontal oil rigs came in at $72 WTI this week. This is a good bit higher than the current WTI price around $69.
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.