Rig Count Drops Most In 7 Months As ‘Traders’ Panic-Buy Crude Futures

The US oil rig count dropped 5 to 763 last week, the biggest drop in 7 months. However, crude production from the Lower 48 has surged (rising the most since June last week) to the highest since July 2015. Even with today’s sheer farce panic-buying squeze higher in WTI crude, oil looks set for its 3rd weekly close lower as BNP notes the “whole supply surplus story is not likely to go away anytime soon.”
*U. S. OIL RIG COUNT DOWN 5 TO 763 , BAKER HUGHES SAYS :BHGE US *U. S. GAS RIG COUNT UP 1 TO 182 , BAKER HUGHES SAYS :BHGE US As we have noted previously, this inflection point in the rig count fits with the rolover in crude prices…

This post was published at Zero Hedge on Aug 18, 2017.