Oil Rigs: "A brutal week for rig counts"

A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 20, 2018:

• A brutal week for rig counts

• Total oil rigs fell, -5 to 858

• Horizontal oil rig counts came in -7 to 762
...
• A year ago, operators were adding rigs at $50 WTI; now they are withdrawing rigs at $70 WTI.

• All this begs the underlying economics of shale production after 500 horizontal oil rigs have been added in this cycle.

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.