by Calculated Risk on 12/14/2018 07:46:00 PM
Friday, December 14, 2018
A few comments from Steven Kopits of Princeton Energy Advisors LLC on December 14, 2018:
• Oil rigs fell, -4 to 873Click on graph for larger image.
• Horizontal oil rigs also declined, -4 to 767
• Breakeven to add rigs fell to around $75 WTI compared to $51.20 WTI on the screen as of the writing of this report.
• The model predicts we could see some big rig roll-offs in the next several weeks. An overall decline around 100 horizontal oil rigs by the end of February is not out of the question.
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 12/14/2018 07:46:00 PM