Oil Rigs: “Treading water”

A few comments from Steven Kopits of Princeton Energy Advisors LLC on September 14, 2018:

• Oil rigs gained, +7 to 867

• Horizontal oil rigs were up, +3 to 769

• Horizontal oil rigs counts are essentially unchanged in 13 weeks

• The Permian has been flat for six weeks, and is only 4 horizontal oil rigs higher than three months ago.

• The breakeven oil price to add horizontal oil rigs came in at $72 WTI this week. This is a good bit higher than the current WTI price around $69.

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.

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