Oil Rigs Decline Slightly

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.

Read in my feedly

Inviato da iPhone

Nessun commento: