A few comments from Steven Kopits of Princeton Energy Advisors LLC on June 16, 2017:
• The party’s over. Oil prices are beginning to weigh on drilling activity.Click on graph for larger image.
• Total US oil rigs were up 6 to 747
• However, only 1 new horizontal oil rig was added, and only 3 in the last two weeks
• On a 4 wma basis, this is the smallest gain since last October
• $45 / barrel WTI appears to be a pain point for US shales