22/09/18

Oil Rigs Decline Slightly



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Oil Rigs Decline Slightly
// Calculated Risk

A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 21, 2018:
• Oil rigs declined, -1 to 866

• Horizontal oil rigs fell, -3 to 766
...
• Horizontal oil rigs are essentially unchanged in the last 14 weeks

• The Permian added 3 rigs, the Cana Woodford was hammered with a loss of 6 rigs

• The breakeven oil price to add horizontal oil rigs is now $70 WTI, about the same as WTI.

• The model suggests horizontal oil rig counts will decline again next week.
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.
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