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Oil Rigs “Horizontal rig counts continue to fall”

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on Sept 1, 2017:

• Continued decline in horizontal rig counts

• Total US oil rigs were flat at 759

• Horizontal oil rigs were down 3 at 644

• Drilling Info continues to show a widening disparity to Baker Hughes

• Thesis is unchanged: Expect rigs counts to roll off for the next two months or so, with oil prices languishing in the -49 range typically

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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