Oil Rigs "The US oil rig eased back again" - InvestingChannel

Oil Rigs “The US oil rig eased back again”

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.

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.

Related posts

Idiocy in Spain: Bank Proposal to Build More Houses, Issue More Mortgages, Despite Massive Inventory and Enormous Drop in Sales

Mish Global Economic Trend Analysis

Sky City: China to Build World’s Tallest Building, 220 Stories, in 90 Days

Mish Global Economic Trend Analysis

It’s No Wonder People Don’t Understand the “Public” Debt

Angry Bear

EU Budget Laugh of the Day “No One Is Discussing Quality”

Mish Global Economic Trend Analysis

Via Barry Ritholtz’s  Big Picture comes this PBS six minute …

Angry Bear

Politics and Specific Policies

Angry Bear