by Calculated Risk on 7/07/2017 05:18:00 PM
Friday, July 07, 2017
Oil Rigs: "The party's not over yet"
A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 7, 2017:
• Total US oil rigs were up 7 to 763Click on graph for larger image.
• Horizontal oil rigs were up an impressive 9 to 657
• Since the beginning of June, much of the growth has come from less favored basins – the Bakken and Cana Woodford – and from ‘Other US’
• Similarly, Canada has gained relative to expectations
• These developments suggest operators outside the Permian and Eagle Ford are learning how to prosper with lower oil prices.
• Decidedly bearish – and the market couldn’t care less
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.