Oil Rigs "US oil rigs were up sharply"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Jan 26, 2017:

• Total US oil rigs were up sharply, +12 to 759

• Horizontal oil rigs were similarly up, +9 to 662

• All of the gain comes from the Permian, up 18 rigs in total
...
• The oil price continues to rise, with WTI above $66, even as the Brent spread has fallen below $5.

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.

from Calculated Risk http://ift.tt/2Gmgj4s