OIl: Decent increase for Oil Rig Count - InvestingChannel

OIl: Decent increase for Oil Rig Count

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 21, 2017:

• Total US oil rigs were up 5 to 688

• US horizontal oil rigs added 9 to 581

• The US horizontal oil rig count is now within two weeks of the entire number necessary to cover the US contribution to incremental global oil supply.

• The market has clearly become jittery, and OPEC promises to extend production cuts are no longer comforting worried investors

Oil Rig CountClick on graph for larger image.

CR note: This graph shows the evolution of the EIA’s Short-Term Energy Outlook (STEO) production forecasts by month. The production outlook keeps increasing.

Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.

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