• Oil Rigs: "Another solid week for rig additions"

    5 monthes ago - By Calculated Risk

    A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 4, 2018:
    • Total US oil rigs were up, +9 to 834
    • Horizontal oil rigs were up, +9 at 743
    ...
    • The rig count saw widespread horizontal oil gains this week, including the Permian and Other US
    • Notwithstanding, since last July's peak, the Permian has added 75 horizontal oil rigs; all other plays together have gained only 10.
    • Vertical oil rigs are at their lowest level since November 2016
    • The Brent spread has eased back to just over $5 / barrel, but with the gap closing from below, suggesting that the US consumer...
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