A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 9, 2018:
• Total US oil rigs were up an astounding +26 to 791
• Horizontal oil rigs were similarly up, +18 to 686
…
• The Permian added 9 horizontal oil rigs, the major plays added 5, ‘Other’ added 4.• The oil price collapsed this week, falling almost $7 / barrel in the last five days.
• Very bearish.
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.