Friday, November 30, 2018

Oil Rigs Increased

by Bill McBride on 11/30/2018 07:01:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on November 30, 2018:

• Oil rigs gained +2 to 887

• Horizontal oil rigs gained more solidly, +5 at 779

• The model forecasts one more week of rig gains, after which numbers crash.

• Breakeven to add rigs rose to around $72 WTI, compared to $50.50 WTI on the screen as of the writing of this report
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.