Oil Rigs: "A lousy week for rigs"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 29, 2018:

• Total oil rigs fell, -4 to 858

• Horizontal oil rigs were down, -2 to 765
...
• Rig count changes follow WTI with a lag of 9 weeks. Nine weeks ago, WTI stood at $68 / barrel, which does not seem enough to keep the rig count moving up at present

• Outside the Permian, rig counts tell a grim story of plays losing resilience

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 https://ift.tt/2KBtmnW