Oil: Rig Counts Rose Again

A few comments from Steven Kopits of Princeton Energy Advisors LLC on February 17, 2019:

• Oil rig counts rose again, +3 to 857. This is not what oil prices would have suggested.

• Horizontal oil rig counts fell modestly, -4 to 754

• After last week’s loss of 3 horizontal oil rigs, the Permian lost an additional 5 this week

• Breakeven to add rigs fell to $54 WTI compared to $55.50 WTI on the screen as of the writing of this report. This is the first time breakeven has been below the posted oil price in months.

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.