With WTI heading for its best week since 2016, demand and inventory data is trumping production for now and today’s Baker Hughes rig count data did nothing to change that as, following last week’s 1 rig drop, producers only added 2 oil rigs in the last week to 766.
*U. S. GAS RIG COUNT UP 6 TO 192 , BAKER HUGHES SAYS :BHGE US *U. S. OIL RIG COUNT UP 2 TO 766 , BAKER HUGHES SAYS :BHGE US Judging by the lagged correlation to WTI, rig counts are stalling as expected…
This post was published at Zero Hedge on Jul 28, 2017.
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