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US Oil Rig Count Rises For 4th Consecutive Week - Highest Since April
While the total rig count remained unchanged at 884, Baker Hughes reported oil rigs rose 2 this week to 672 - its highest since April 2015. This is the 6th rise in the last 7 weeks. There is little to no reaction in crude prices for now...
- *OIL RIGS IN PERMIAN BASIN UNCHANGED AT 252: BAKER HUGHES
- *OIL RIGS IN EAGLE FORD ROSE BY FIVE TO 84: BAKER HUGHES
- *OIL RIGS IN WILLISTON FELL BY TWO TO 70: BAKER HUGHES
- *OIL RIGS IN D-J BASIN ROSE BY ONE TO 25: BAKER HUGHES
- *OIL RIGS IN TEXAS ROSE BY SIX To 389: BAKER HUGHES
Charts: Bloomberg
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Shiny, this'll keep the Saudi's happy no doubt.....
Oil 20s here we come....
RIPS
What truly matters is the productivity of those rigs rather than the number.
.
LOL, gotta spin it negative for oil no matter what. Conveniently ignoring the fact that the rig count is down over 1000 from a year ago.
And oil prices are what from a year ago?
That's the point. The rig count is essentially meaningless at this point but this site has to pump out at least three negative oil articles per day in order to get paid by it's short oil sponsors.
OAS, WLL, CLR all going to zero
Do all rigs produce oil?
Doh!
Homer, do all farts smell?
As long as there is HY uncle Sam is gonna be hoping of crushing Russia. From here on there are two cases for oil. US shale goes bust in October prompting a major cut in production in US which starts a slow price increase. The other being aunt Yellen purchases a ton of HY or Exxon (or some other deep pocket) buys up US shale for peanuts and continues the operation leading to the collapse of OPEC and oil producers around the world. Financial crisis not priced in.
only 2 added in one wk, from statistics point of view, this is meaningless. a 7weeks data does not tell anything. it would be more meanful to show the 3 mos/13 wks mean and the sigma. just a suggestion.
look at the chart, it indicates that there is no change on 13 wks mean and the sigma closes to zero. also there is time delay on reporting.
I have an oil rig up my ass, but it produces no oil.
Only shit.
Dead wildcat bounce?
All of the oil over production in the world is US oil. Obama's "Energy Independence Program" has seen to that....what do you do if you think you are going to war?? Secure your energy supply! This what Obama has done under the auspicies of "energy independence".
It seems to me like there is a future event coming up soon that the Americans won't be able to hide and that the world (and the American people) will react negativly to...maybe this is our Shemitah event?
It just occured to me...I wonder how Chris Martenson's peak bullshit portfolio's done the last year. I don't know his specific longs and shorts, but I imagine with the peak population bomb imminently about to destroy the world (as it ever has been, from the Club of Rome to today) he would almost have to have bee long commodities. Anyone follow him close enough to comment?
More importantly, only down 50% year over year!
I still get a kick out of Tyler dropping the production figure from this graph that he'd so regularly toot about.
I wonder why...
I know the rig count isn't entirely irrelevant, but it seems to me that oil prices -- like many other commodities -- are mostly a product of the manipulation going on every day in the "markets." And, if you consider all TPTB and their overlapping interests, it's pretty clear that lower prices are a very important cog in the yen carry trade machine.
The US needs cheaper oil so we can say there's no inflation and rationalize current ZIRP and future QE. Ditto for the EZ -- they're broke and want to justify PSPP. The Saudis want it so they can drive frackers and marginal players out of business. Big Oil wants it so they can scoop up failed smaller players and their properties.
Most importantly, the Japanese desperately need cheaper oil because they took all those nukes offline and they have a currency that has lost 65% of its value relative to the dollar (in which oil is priced) over the past several years. Without cheaper oil, the Japanese simply can't afford to continue devaluing the yen. And, if the yen should ever stop getting cheaper, the yen carry trade -- the single biggest influence on stock prices, IMO -- is dead. When it dies, the rally is over. Period. End of story.
http://pebblewriter.com/what-if-the-rally-died/
Is there a cheaper way to rig the oil market right now than rent a couple of oil rigs and watch them drive the price of oil down by dollars a week.....in this day of 24 hour a day SCAMMERS I smell a stinky bankster rat....
Meanwhile a refinery outage drives the price of gasoline up $.30/gallon for weeks to come......looks like at least the refiners have figured the SCAM out....SHOCKING
Like where you're going with that, but why go to all that trouble when you can push CL around so easily? Eric Hunsader (@nanexllc) does a good job of showing how commonplace it has become.