• Rigs counts were off this week
• Total US oil rigs were down, -8 to 729
• Horizontal oil rigs fell, -4 to 626, the lowest since May
...
• Oil rigs will begin to see a marked recovery heading into December
• The gap between Brent and WTI continues above $6 / barrel, with WTI now at $55 / barrel
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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