US Rig Count Rise Continues As Crude Production Hits 20-Month Highs

From the May 2016 lows, the number of US oil rig counts have only declined 3 times and this week was no exception. Up for its 15th week in a row ( 9 to 697), its highest level since April 2015, the rig count continues to pull US crude production higher, stymying OPEC efforts at balance, leaving the bullish case for oil fading fast.
*U. S. OIL RIG COUNT UP 9 TO 697 , BAKER HUGHES SAYS :BHI US Texas added 11 rigs to 437, Oklahoma added 3 to 127 *U. S. GAS RIG COUNT UP 4 TO 171 , BAKER HUGHES SAYS :BHI US One might argue that the rig count – which tracks the lagged crude price – may begin to stabilize here…

This post was published at Zero Hedge on Apr 28, 2017.