by Calculated Risk on 10/20/2017 05:23:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Oct 20, 2017:

• The US oil rig count was crushed this week

• Total US oil rigs were down 7 to 736

• Horizontal oil rigs were down 10 to 638, the worst week for horizontal rigs since March 2016
...
• The loss of rigs is consistent with our lagged WTI model (below), but the scale of the decline this week was stunning.

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.