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Crude Bounces After Oil Rig Count Decline Slows
Oil prices have tumbled this morning ahead of the Baker Hughes rig count data but algos bounced them after the pace of oil rig count decline slowed further. For an unprecedented 21st week in a row, the US total rig count declined this week (down 27 to 905). Oil rigs fell 24 to 679 for the fastest total collapse in rig counts in history (down over 57% in 21 weeks). This is a faster pace of decline than the previous week for total rigs but a slower pace of decline for oil rigs.
- *U.S. OIL RIG COUNT DOWN 24 TO 679, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNTDOWN 27 TO 905 , BAKER HUGHES SAYS
If lagged oil prices are any historical guide then the decline is due to stall very soon...
Oil Rig count decline is slowing...
Have we started to see the rig count collapse finally weigh on production...?
But oil prices have roundtripped today from yesterday's end of month exuberance... and bounced higher on the rig count news...
Charts: Bloomberg
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At some point oil rig decline had to slow down, that is basic common sense, math and economics! Sometimes I think economists are simple fucking minded!
What if unproductive vertical wells are being replaced with highly productive horizontal wells?
What would that do to production?
The Earth is bursting with oil from internal production deep within the crust.
Think of oil as the blood of the Earth.
If you look at the production vs. oil rig count there is no correlation. The production is linear: bottom left of chart to top right.
Spot on Publicus, Abiotic Oil FTW.
+, these guys have so many levers, all over the globe, derivatives of derivatives, re-hypothicated endlessly, so much leverage.
Oil rig count, they can have it back at full strenth in one month if they so decide.
Kabuki...
Tough for current oil men I guess, but it is a frigging dirty business....
Guitar, spaciously I'm told...
https://youtu.be/aP4NGb8HJbk
Follow the Swiss on energy as they are Russia's (Global) accountants (crooks)
Swiss Trafigura Increases Oil Trading With Russia
Russian Tycoon Viktor Vekselberg To Have Swiss Board Manage Global Assets
Oil Price Crash Brings Big Profits For Swiss Banks, Investment Corps
What if the aliens came down right now, gave us cold fusion and said: "fuck oil bitchez, get on our level"
What if Trayvon Martin was the guy that was supposed to discover cold fusion and Exxon Mobil sent the T-1000 back from the future disguised as Zimmerman to destroy the threat?
So Exxon Mobil is one step ahead of the aliens? I beleive it.
+1 That there's some funny shit alright. he he
I wondered too...
Stilll lots of pent up supply in the frack log.
Penny oil doesn't care about fundamentals, penny oil only cares about what news the algos can use to churn profit. More oil than ever, send the price up 25%.
25% monthly gains and losses in a commodity that used to trade in a 10% band for years. Nothing to see here, move along.
So dollar vs oil chart how we doing dollar bulls oh you don't look at that metric just DXY gotchya
;)
hell, man, your goddamn rig count and oil production chart is 3 weeks old...what kind of crap is that?