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Friday, November 09, 2018

Oil Rigs Increased, Oil Prices Fall

by Calculated Risk on 11/09/2018 04:06:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on November 9, 2018:

• Oil rigs in total were up sharply, +12 to 886

• Horizontal oil rigs gained more modestly, +3 at 778
CR Note: Meanwhile oil prices have been falling, from MarketWatch: U.S. oil extends slide into bear market, down 10 sessions in a row
U.S. crude-oil futures on Friday posted a 10th straight session decline, extending their drop into a bear market, as output increases fueled concerns of surging supplies.

On Friday, West Texas Intermediate crude for December delivery CLZ8, -1.29% lost 48 cents, or 0.8%, to settle at $60.19 a barrel on the New York Mercantile Exchange, for the lowest front-month contract settlement since March 8, according to FactSet data. Prices lost 4.7% for the week, tallying their fifth straight weekly drop.
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.