A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 13, 2018:
• Total US oil rigs were up, +7 to 815
• Horizontal oil rigs were flat at 717
…
• Not a lot of enthusiasm for adding horizontal oil rigs, high oil prices notwithstanding.• Last week’s impression remains: Shale production growth is going to underperform expectations.
• Global oil demand growth has been running hot; +2.0 mbpd / year since November (EIA), explaining high oil prices and draws notwithstanding 1.6 mbpd US crude + ngl production growth over the last year.
• The Brent spread is above $5 / barrel – quite bullish
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.