Crude Pops-And-Drops As Rig Count Decline Slowest In Over 6 Months

Following the last 5 weeks slowing pace of decline of rig counts (with Wyoming and Pennsylvania regions actually adding marginal rigs), and the rise in crude prices, Baker Hughes reports the slowing pace of decline continues. Total rig count dropped 6 to 888 - the smallest decline since Decmber 5th. Texas' Eagle Ford region added 1 rig. Crude's initial reaction (after its v-shaped dump-and-pump this morning off $59.50 support again) was higher margionally but that quickly faded.

• *U.S. OIL RIG COUNT DOWN 8 TO 660, BAKER HUGHES SAYS
• *OIL RIGS IN PERMIAN BASIN FALL BY THREE TO 233: BAKER HUGHES
• *OIL RIGS IN TEXAS'S EAGLE FORD GAIN BY 1 TO 87: BAKER HUGHES
• *OIL RIGS IN WILLISTON BASIN FALL BY 1 TO 79: BAKER HUGHES

Slowest decline in 6 months...

Regionally, Kansas and Louisiana added the most rigs this week...

Crude's initial reaction (after its v-shaped dump-and-pump this morning off $59.50 support again) was higher but that quickly faded...

Charts: Bloomberg

Comments

[This is it]

Never mind crude. Gold looks to be breaking out now.

Looks like the monkey hammer is not yet found, let's go go go!

[Bell's 2 hearted]

oil rigGED