A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 27, 2018:
• Total US oil rigs were up, +5 to 825
• Horizontal oil rigs were up, +11 at 734
…
• The major action again was back in the Permian, +6 horizontal oil rigs• Cana Woodford added 9 rigs, but is still below its level of earlier this year.
• Vertical oil rigs are at their lowest level since November 2016
• The Brent spread has moved up to $6.50 / barrel – and speaks to ungodly demand strength outside the US
• With the current Brent spread, expect continued upward pressure in oil prices
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.”