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......(read more)

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