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Crude Drops After US Rig Count Decline Extends To Record 20 Weeks
For a record-breaking 20th week, US rig counts declined. Total rigs dropped 22 to 932 (the 4th smallest drop since Nov 2014) while oil rigs fell 31 to 703 (down over 56% from the highs). With the very modest production drop (all due to Alaska with the Lower 48 flat) it appears any slowdown in drilling rigs has not dampened enthusiasm to pump, baby, pump. WTI initially popped but is fading now...
- *U.S. TOTAL RIG COUNT DOWN 22 TO 932 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT DOWN 31 TO 703, BAKER HUGHES SAYS
And the reaction in crude..
Charts: Bloomberg
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It's a rigged game!
Where's the viagra?
Get that limp dick rig count back up!
I'd like to when we're going to see gas back under $2.00 a gallon. That would be a huge help to the economy!
-Matt
http://www.mrdryout.com/
crude was already down. It's been down all morning
seriously....use charts that are a bit longer time frame....Conclusions drawn on every little squiggle are useless. Let the noise go
I freelance over th? internet and earn about 80-85$ an hour. I was without a job for 7 months but last month my paycheck with big fat bonus was $15000 just working on my computer from my home for 5-6 hours. Here's what i have been doing... www.globe-report.com
Bullish 4 jobs!
just setting it up for the big spike when the Gulf goes hot.
A productive use for those rigs would be to transform them into gallows for bankers and politicians. Might as well throw lawyers into that mix as well.
Why is it when crude spikes gas prices follow immediately?
But, when crude slumps it takes weeks for gas to drop in price?
Then if crude drops to low they manufacture some crises in the ME to pump crude back up.
Is just me or am I being to paranoid?
Maybe I should just sit back, smoke a Philly Blunt, and know that Hillarity has all our backs.
It is just you and you're being paranoid.
Looks like crude is rising to me. Its now revered most of the drop.
EDIT: and down it goes again.
so, rig count continues to be irrelevant. But, you guys wil keep harping on it I gather.
Gotcha.
You keep clicking the link don't you? Click.... Cha ching......., click..... Cha ching........, click.........
That, and a lot of those articles were of Squid origins. You always take those with a grain of salt. It's nice to know what they're saying. GS: "Rig counts don't matter!" Reality: "Rig counts won't matter until the Squid can muppitize some folks. Then they'll matter."
Tyler, you know the EIA data on production is wrong. Why should EIA be more accurate than BLS?