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Oil Rigs: “A breather after last week’s big gains”

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on August 17, 2018:

• Oil rigs took a breather, consolidating last week’s gains

• Total rigs were flat at 869

• Horizontal oil rigs declined, -2 to 768

• Horizontal oil rig counts stand at the level of ten weeks ago in both the Permian and other plays

• This month’s DPR shows US shale oil production was up 150 kbpd in July to 7.2 mbpd.

• Year on year growth in the Permian came in a 0.92 mbpd – almost one million barrels per day of annual growth from just one play!

Oil Rig CountClick 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.
Calculated Risk

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