• Oil Rigs: "Big rig add reversing last week"

    4 monthes ago - By Calculated Risk

    A few comments from Steven Kopits of Princeton Energy Advisors LLC on May 25, 2018:
    • Total US oil rigs were up 15 to 859
    • Horizontal oil rigs added 9 to 755
    ...
    • The gains this week were largely a catch-up on last week's flat numbers
    • Oil prices moved down sharply on Friday as traders sold their positions heading into the Memorial Day weekend and on news OPEC may add volumes
    • We do not believe OPEC will add material volumes
    • The Brent spread advanced to $8.65 and the futures curve remains in pronounced backwardation, suggesting demand remains robust
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