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Oil Rigs “Total US oil rigs were up 10 to 752 this week”

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on Jan 12, 2017:

• Total US oil rigs were up 10 to 752 this week

• Horizontal oil rigs were up 4 to 654

• We have expected rig counts to rise sharply in recent weeks, and we saw some – but still insufficient – vindication this week.

• Incredible price action again this week, with WTI breaching the threshold, but with the Brent spread falling below .00.

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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