Oil Rigs: "Winter is coming"
A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 14, 2017:
• Total US oil rigs were up 2 to 765
• Horizontal oil rigs were down 2 to 655
• Conclusion: The Eagle Ford is visibly struggling, the Bakken has been adapting, the Permian is still in play, and a lot is going on off-radar in the ‘Other’ basins
• $45 WTI seems to be the lower limit for the US shale patch
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.