BH Week of Aug. 24: A modest roll off of rigs

  • Oil rigs let off again this week
  • Total oil rigs fell, -9 to 860
  • Horizontal oil rigs declined, -2 to 766
  • The 4 wma change for horizontal oil rigs came in at +1.0 / week
  • Frac spreads came in very low, at a ratio to rig counts the lowest since early 2017.
  • Frac spreads and visual inspection of rig trends suggests that rigs continue to roll off from here for the next several weeks.
  • Q3 GDP
    • NY Fed: 2.0% (-0.4%)
    • Atlanta Fed: 4.5% (+0.2%)