• 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
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 Energy Advisors LLC.