Rig Count Drops For 3rd Time In 6 Weeks As US Shale Heavyweights Boost Production

The pace of US oil rig count growth has slowed dramatically in the last six weeks as the lagged response to oil prices indicated. While US oil production continues to trend higher, in lagged response to the rise in rigs, it is also nearing its apex. However, four U. S. shale companies recently reported second-quarter production that beat targets and increased their respective full-year output growth guidance.
This is the 3rd weekly drop in the US oil rig count in the last six weeks…

This post was published at Zero Hedge on Aug 4, 2017.