by Bill McBride on 7/21/2017 03:48:00 PM
A few comments from Steven Kopits of Princeton Energy Advisors LLC on July 21, 2017:
• Total US oil rigs were down 1 to 764
• Horizontal oil rigs were down 2 to 653
• $45 WTI seems sufficient to restrain US oil rig count growth
• However, shale well productivity yoy continues to surge based on early data. If the numbers continue to hold up, $45 will soon be a ceiling, not a floor, and oil prices could fall to $39-42 / barrel WTI by this time next year
CR note: This graph shows the US horizontal rig count by basin.
Graph and comments Courtesy of Steven Kopits of Princeton Energy Advisors LLC.