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
Click on graph for larger image.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.