• Oil Rigs: "Rig additions keep rolling along"

    12 days ago - By Calculated Risk

    A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 11, 2018:
    • Total US oil rigs were up, +10 to 844
    • Horizontal oil rigs, however, were only up +2 at 745
    ...
    • Oil rig additions came in the neglected ‘directional' category, but only represented the recovery off rigs taken off line last week
    • With the Brent spread over $6 / barrel, the end of the Iran deal, and a general sense of bullishness around oil markets, expect rig count additions to accelerate
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