Oil Rigs decline slightly

July 21, 2017
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Oil Rigs decline slightly

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

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.

(Why?)

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