by Calculated Risk on 4/27/2018 04:05:00 PM

A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 27, 2018:

• Total US oil rigs were up, +5 to 825

• Horizontal oil rigs were up, +11 at 734
...
• The major action again was back in the Permian, +6 horizontal oil rigs

• Cana Woodford added 9 rigs, but is still below its level of earlier this year.

• Vertical oil rigs are at their lowest level since November 2016

• The Brent spread has moved up to $6.50 / barrel – and speaks to ungodly demand strength outside the US

• With the current Brent spread, expect continued upward pressure in oil prices

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."