A few comments from Steven Kopits of Princeton Energy Advisors LLC on Oct 13, 2017:
• The US oil rig eased back again
• Total US oil rigs were down 5 to 743
• Horizontal oil rigs were down 3 to 638
…
• In May, $50 WTI would have brought forth a gain of nearly 10 rigs per week. Today, $50 oil at best will hold rig counts steady.• To regain upward momentum, our model suggests WTI would have to reach about $56 / barrel. WTI was trading at $51.40 today.
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.