Sunday, January 20, 2019

Oil: A huge drop in rig counts

by Calculated Risk on 1/20/2019 10:43:00 AM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on January 18, 2019:

• A huge drop in oil rig counts, -21 to 852

• Horizontal oil rig count collapsed, -17 to 765

• The Permian lost 10 horizontal oil rigs, ‘Other US’ lost 16

• Curiously, the Williston (+2), the Eagle Ford (+2) and the Cana Woodford (+5) all gained horizontal oil rigs

• Breakeven to add rigs fell rose to $61 WTI compared to $52.60 WTI on the screen as of the writing of this report.

• The model continues to predict big rig roll-offs in the next several weeks.
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.