A few comments from Steven Kopits of Princeton Energy Advisors LLC on Jan 12, 2017:
• Total US oil rigs were up 10 to 752 this week
• Horizontal oil rigs were up 4 to 654
• We have expected rig counts to rise sharply in recent weeks, and we saw some – but still insufficient – vindication this week.
…
• Incredible price action again this week, with WTI breaching the $64 threshold, but with the Brent spread falling below $6.00.
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.