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Oil: A huge drop in rig counts

Summary:
A few comments from Steven Kopits of Princeton Energy Advisors LLC on January 18, 2019:• A huge drop in oil rig counts, -21 to 852• Horizontal oil rig count collapsed, -17 to 765• The Permian lost 10 horizontal oil rigs, ‘Other US’ lost 16• Curiously, the Williston (+2), the Eagle Ford (+2) and the Cana Woodford (+5) all gained horizontal oil rigs• Breakeven to add rigs fell rose to WTI compared to .60 WTI on the screen as of the writing of this report.• The model continues to predict big rig roll-offs in the next several weeks.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.

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A few comments from Steven Kopits of Princeton Energy Advisors LLC on January 18, 2019:
• A huge drop in oil rig counts, -21 to 852

• Horizontal oil rig count collapsed, -17 to 765

• The Permian lost 10 horizontal oil rigs, ‘Other US’ lost 16

• Curiously, the Williston (+2), the Eagle Ford (+2) and the Cana Woodford (+5) all gained horizontal oil rigs

• Breakeven to add rigs fell rose to $61 WTI compared to $52.60 WTI on the screen as of the writing of this report.

• The model continues to predict big rig roll-offs in the next several weeks.
Oil: A huge drop in rig countsClick 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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