Oil Rigs: “A brutal week for rig counts” – Info Risk Manage

by Bill McBride on 7/20/2018 03:28:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 20, 2018:

• A brutal for rig counts

• Total oil rigs fell, -5 to 858

• Horizontal oil rig counts came in -7 to 762

• A year ago, operators were adding rigs at $50 WTI; now they are withdrawing rigs at $70 WTI.

• All this begs the underlying of shale production after 500 horizontal oil rigs have been added in this cycle.

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.

Article Prepared by Ollala Corp

You might also like
Leave A Reply

Your email address will not be published.