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