• 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.
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.