Oil Rigs: " A local peak in rig counts"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 27, 2018:

• A clear local peak in oil rig counts

• Total oil rigs rose, +3 to 861

• Horizontal oil rigs were flat at 762
...
• Horizontal oil rigs are showing a clear local peak, similar to last July. By the time the count bottomed in November, horizontal oil rigs had fallen by 32. The difference is that oil prices were $20 / barrel lower then.

• Our model sees falling horizontal oil rig counts through Labor Day.

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/2OqEdjk