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Crude Jumps After US Oil Rig Count Collapses By Most In 4 Months
After 6 straight weeks of rig count increases, last week saw a 13 rig drop - the most since May. This leave the rig count at its lowest since July 24th. WTI Crude jumped 60c on the news and is holding gains...
- *U.S. OIL RIG COUNT DOWN 13 TO 662, BAKER HUGHES SAYS
- *OIL RIGS IN EAGLE FORD FELL BY FIVE TO 78: BAKER HUGHES
- *OIL RIGS IN PERMIAN BASIN FELL BY TWO TO 249: BAKER HUGHES
- *OIL RIGS IN WILLISTON FELL BY ONE TO 72: BAKER HUGHES
The oil rig count is the lowest since July 24th.
The reaction...
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What all the fuss about? This stuff pumps itself right...?
/s
WTF? I am not brushed up on commodity pricing map, but is it seriously possible that 13 stupid little drilling rigs, which probably have negligible impact on production, can move the global market price of oil almost 1.5%. Isn't that equivalent to billions of dollars? Isn't this the definition of extreme volatility?
-also, these aren't rigs that just evaporated. Can't they just be returned to service as soon as necessary?
They panic when the rig count goes up a bit and they panic when it goes down a bit. What they need is a scrip for Xanax.....
How many has Saudi Arabia and Brazil and Venezuela brought online to make up for falling revenues? Price drops 50%? Pump twice as much! Rig counts here in the States are a joke...backwards looking!
Looks like WTI is now down by 10c or so.
wow. a whole 13 rigs? does that mean oil inventories only soar by 8MB next week instead of 8.1MB?
These markets are crazy.
Buy bonds and clip coupons.
It's all rigged, even the huge reaction.
This is it! Finally, the big reversal that's going to save the economy! Just in time too, the banks are starting to push the energy companies about their debt load, but thank god, everything's fixed.
http://www.ibtimes.com/saudi-arabia-thwarts-terrorist-attack-abqaiq-worl...
13 rigs is not news...it's noise
Are the Rig counts Rigged?
Yes..much like the presidential election. Trump/Corzine '16
I got WTI at 45.94
by the time you clicked your mouse the algos processed 100k trades.
The rigs in the rig count are exploratory rigs and used to find a reserve. The well is then capped and a production platform is installed to bring the oil to the surface. If the rig count decreases it means that the oil companies have so much proven reserves (either producing or not) that they are not even looking any more.
You couldn't be more wrong. The shale companies already know what's in the ground , All the rigs are drilling their best sweet spots now. They are running out of sweet spots. The remaining land are not worth drilling at even $60.
Thus stop drilling.
Nothing to do with that. Merely the just before the weekend manipulation to create a bias for the direction oil prices should go after the weekend. Won't work.
I think oil prices are bound to drop even more.
Walking Oil Rigs Spur Cheaper, Quicker Drilling in Supply Glut
31 August 2015, by David Wethe (Bloomberg)
http://www.bloomberg.com/news/articles/2015-08-31/walking-oil-rigs-spur-cheaper-quicker-drilling-in-supply-glut
Barclays: There's a New Oil Glut in Town
1 September 2015, by Luke Kawa (Bloomberg)
http://www.bloomberg.com/news/articles/2015-08-31/barclays-there-s-a-new-oil-glut-in-town
Saudi Arabia Just Cut Crude Selling Prices To The US, Europe And Asia
3 September 2015, by Tyler Durden (Zero Hedge)
http://www.zerohedge.com/news/2015-09-03/saudi-arabia-just-cut-crude-selling-prices-us-europe-and-asia
The Oil-Sands Glut Is About to Get a Lot Bigger
3 September 2015, by Jeremy Van Loon (Bloomberg)
http://www.bloomberg.com/news/articles/2015-09-03/canada-oil-sands-fork-over-billions-for-500-000-unneeded-barrels