Horizontal oil rigs rolled off again this week
Rig counts
Total oil rig counts were +1 to 513
Horizontal oil rig counts were -4 to 459
The Permian horizontal oil rig count was down 2.
The Canadian horizontal oil rig count continues to look frail, down 23 from last year.
The US horizontal oil rig count is falling at a pace of -2.75 / week on a 4 wma basis.
This number has been negative for 40 of the last 41 weeks
Frac spreads rose, +8 to 252. Not sustainable without rigs additions.
DUC inventory fell back to 17.3 weeks
Overall, we continue to see more of the same:
Roll-offs of horizontal oil rigs not justified by oil prices; frac spread counts at unsustainable levels; and a continued unwind in the Permian