by Calculated Risk on 2/17/2019 11:10:00 PM
Sunday, February 17, 2019
A few comments from Steven Kopits of Princeton Energy Advisors LLC on February 17, 2019:
• Oil rig counts rose again, +3 to 857. This is not what oil prices would have suggested.Click on graph for larger image.
• Horizontal oil rig counts fell modestly, -4 to 754
• After last week’s loss of 3 horizontal oil rigs, the Permian lost an additional 5 this week
• Breakeven to add rigs fell to $54 WTI compared to $55.50 WTI on the screen as of the writing of this report. This is the first time breakeven has been below the posted oil price in months.
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 2/17/2019 11:10:00 PM