Oil: "A big jump" in Rig Counts

A few comments from Steven Kopits of Princeton Energy Advisors LLC on April 5, 2019:

• Oil rigs rebounded sharply, +15 to 831

• Horizontal oil rig counts also saw a nice move up, +8 to 734

• The Permian took all the net horizontal oil rig adds, +8, for the best week in a year

• One might be tempted to call the end of the mini-cycle – again – this week. It certainly could be.

Click 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.