by Calculated Risk on 10/19/2018 08:04:00 PM
Friday, October 19, 2018
A few comments from Steven Kopits of Princeton Energy Advisors LLC on October 19, 2018:
• Oil rigs were up this week, +4 to 873Click on graph for larger image.
• Horizontal oil rigs were flat at 772
• Although WTI is down, the Midland price is still near annual highs and well above the Permian breakeven
• We continue to expect a modest recovery in spreads and largely flat rig counts, although the model shows a healthy horizontal oil rig gain next week
• Shale production continues to increase by around 1.5 mbpd / year
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 10/19/2018 08:04:00 PM