A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 7, 2018:”That’s all, folks!”
• Oil rigs declined, -2 to 860
• Horizontal oil rigs gained, +1 to 766
…
• Horizontal oil rigs have gone exactly nowhere in the last 12 weeks• The breakeven oil price to add horizontal oil rigs continues to creep up, now around $74 WTI. This is a good bit higher than the current price around $67.
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.