Friday, December 14, 2018

Oil Rigs Declined Slightly, More Expected

by Bill McBride on 12/14/2018 07:46:00 PM

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

• Oil rigs fell, -4 to 873

• 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.
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.