BH Rigs May 18th: A Surprising Pause

  • Total US oil rigs were flat at 844
  • Horizontal oil rigs added 1 to 746
  • The 4 wma for horizontal oil rig additions came in at a still solid +5.75 / week
  • Given the strength of oil prices recently, this week’s pause in rig additions came as something of a surprise, but might be attributable to transient, technical factors
  • Equities have continued to move up, with our benchmark, the Williston Fund, up by 15% since April 10th.
  • Equities still look to have running room ahead of them for the next three weeks.
  • Q2 GDP
    • NY Fed: 3.2% (+0.2% from last week)
    • Atlanta Fed: 4.1% (+0.1% from last week)