WTI Hovers Above $50 As US Oil Rig Count Slides To 3-Month Lows

Jon Alternative Media, Blogosphere, Government

With crude production rebounding back to pre-Harvey levels, and refinery demand coming back on-line, WTI has trod water around $50 all week. The US oil rig count dropped for the 6th straight week (down 5 to 744), back at its lowest level since early June.
*U. S. OIL RIG COUNT DOWN 5 TO 744 , BAKER HUGHES SAYS :BHGE US *U. S. GAS RIG COUNT UP 4 TO 190 , BAKER HUGHES SAYS :BHGE US As Bloomberg reports, it looks like shale billionaire Harold Hamm might be right in saying U. S. producers are being more cautious than government output forecasts seem to imply.
At least that’s what the Baker Hughes weekly drilling report suggests, showing producers idled five oil rigs this week, adding to 19 parked over the previous five weeks.
The numbers released every Friday increasingly make it look like the drilling boom might have peaked, and that should impact output down the road.

This post was published at Zero Hedge on Sep 22, 2017.