Oil Rigs “Middling rig adds”

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

• Total US oil rigs were up, +5 to 820

• Horizontal oil rigs were up,+6 at 723

• Almost all the action was back in the Permian, +9 horizontal oil rigs

• The breakeven oil price to include rigs appears to have crept up from around $48 WTI late last year, to about $56 WTI now.

• The Brent spread remains above $5 / barrel

Oil Rig CountClick 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.

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