Oil Rigs Increase Sharply

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on October 12, 2018:

• Oil rigs were up sharply this week, +8 to 869

• Horizontal oil rigs similarly rose, +8 to 772

• This report is deceptively bullish, as ‘Other US’ added 8 horizontal oil rigs, of which perhaps 4-6 are likely to roll off next week.

• The Permian added three, and with the Midland spread more favorable, we may see further adds there, as we noted last week.

• The breakeven oil price to add horizontal oil rigs fell to $65 WTI.

• We continue to feel that horizontal oil rig counts will tend to move sideways for the next few weeks.

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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