Oil: “Another Big Rig Add”

by Invoice McBride on three/17/2017 02:47:00 PM

A number of feedback from Steven Kopits of Princeton Vitality Advisors LLC on Mar 17, 2017:

• The US oil rig rely was up by 14 this week to 631
• US horizontal oil rigs had been up by 14 to 530

• This was one other very aggressive rig add, however curiously got here from outdoors the foremost performs. This implies that both the enterprise is spreading past its historic boundaries, or that some technical and non-recurring points could also be at play.
• Decidedly bearish on the face of it.

Oil Rig CountClick on on graph for bigger picture.
Graph and feedback Courtesy of Steven Kopits of Princeton Energy Advisors LLC.