A few comments from Steven Kopits of Princeton Energy Advisors LLC on Dec 1, 2017:
• Total US oil rigs were up 2 to 749, and up 20 over the last four weeks
• Horizontal oil rigs were up 3 to 648, up 22 in the last four weeks
…
• Once again, WTI appears to be closing on Brent from below, suggesting US excess inventories are thinning.• The oil price direction remains firmly upward
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.