Oil: Rig Counts increased Slightly

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on April 14, 2019:

• Oil rigs rose 2, to 833

• Horizontal oil rigs gave back almost their entire gains of last week, -7 to 727

• The Permian gave back 3 of last week’s 8 gains in horizontal oil rig adds: -3 to 423

• Last week’s bottom for the mini-cycle is holding, but just barely

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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