Even though production has hit new record highs (and Saudis threatening to increase further), the machines remain transfixed by rig counts and inventories. The total rig count dropped 9 to 859 – declining at a faster rate than the prior week. Oil prices are jumping modestly on the news for now…
- *U.S. OIL RIG COUNT FALLS 7 TO 635, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNT FALLS 9 TO 859 , BAKER HUGHES SAYS
Another week of declines…