Oil: Rig Counts Rebounded

A few comments from Steven Kopits of Princeton Energy Advisors LLC on February 8, 2019:

• Oil rig counts rebounded, +7 to 854. Not surprising given last week’s big fall.

• Horizontal oil rig counts fell, -1 to 758

• The Permian lost 3, other plays were largely flat

• Breakeven to add rigs rose to $58.50 WTI compared to $52.70 WTI on the screen as of the writing of this report.

• On paper, we should see a big roll-off in rigs next week.

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://bit.ly/2N1DOUu