Permian Panic Continues As Rig Counts Rise Amid Record Glut In Crude

Jon Alternative Media, Blogosphere, Energy, Market Commentary

With a record glut of crude and gasoline, US crude production pushed to new cycle highs this week and continues to track lagged rig counts.
US crude inventories are at a new record high…
And so are Gasoline inventories…
And the rig ccount keeps rising with lagged oil prices…
Production keeps rising, and has a long way to go to catch up to the lagged rig count…
And the oil algo idiocy from DOE data has been erased with RBOB back below $1.50…
The surge in rigs has been driven almost 100% in the Permian, but as OilPrice.com’s Nick Cunningham asks, how much longer that the Permian craze continue?

This post was published at Zero Hedge on Feb 17, 2017.