Oil: "Another big week for horizontal rigs"

by Bill McBride on 3/05/2017 11:35:00 AM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Feb 4, 2017:

• US oil rig count up by 7 this week to 609

• US horizontal oil rigs were up by 11

• Horizontal oil rigs adds have averaged 12 per week for the last seven weeks

• The OPEC production cut thesis now warrants a closer review—shales are going to prove more resilient than people are thinking

HZ Rig CountClick on graph for larger image.

Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.