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Oil Rigs "Horizontal oil rigs come in flat"

Summary:
A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 13, 2018:• Total US oil rigs were up, +7 to 815• Horizontal oil rigs were flat at 717...• Not a lot of enthusiasm for adding horizontal oil rigs, high oil prices notwithstanding.• Last week’s impression remains: Shale production growth is going to underperform expectations.• Global oil demand growth has been running hot; +2.0 mbpd / year since November (EIA), explaining high oil prices and draws notwithstanding 1.6 mbpd US crude + ngl production growth over the last year.• The Brent spread is above / barrel – quite bullishClick 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.

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on Apr 13, 2018:
• Total US oil rigs were up, +7 to 815

• Horizontal oil rigs were flat at 717
...
• Not a lot of enthusiasm for adding horizontal oil rigs, high oil prices notwithstanding.

• Last week’s impression remains: Shale production growth is going to underperform expectations.

• Global oil demand growth has been running hot; +2.0 mbpd / year since November (EIA), explaining high oil prices and draws notwithstanding 1.6 mbpd US crude + ngl production growth over the last year.

• The Brent spread is above $5 / barrel – quite bullish
Oil Rigs "Horizontal oil rigs come in flat"Click 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.
Bill McBride
A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

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