Crude Pops As US Oil Rig Count Drops For 3rd Week To 2-Month Lows

Following 2 weeks of notable rig count declines (to its lowest in 2 months), Baker Hughes reports another decline (the first 3 week decline in 3 months). Total rig count fell to 842 from 848 but oil rigs declined 8 to 644. Crude prices were weak heading into the data (post Fed) and popped after...

• *U.S. OIL RIG COUNT DOWN 8 TO 644 , BAKER HUGHES SAYS
• *U.S. TOTAL RIG COUNT DOWN 6 842 , BAKER HUGHES SAYS

This is the biuggest 3-week declinein 4 months..

Charts: Bloomberg

Comments

[KnuckleDragger-X]

A whole 4 months? Well golly gee friggin' whiz, that's terrible!!!!!

[jimcg]

Rig count? We ain't got no rig count! We don't need no rig count! We ain't got to show you no stinkin' rig count!

With sentiment this low, fundamentals hardly matter.

J

[Bobportlandor]

Obama my Muslim faith slip

https://www.youtube.com/watch?v=XKGdkqfBICw

[NotApplicable]

Given the leverage at work here, these days I'm always wondering how much of this decline is due to bankruptcies vs. response to lack of demand.

[jimcg]

More likely about price and production costs.

J

[venturen]

oil is going lower....never should have gone above $50 NEVER. That was pure comodity trader scams. Total Inventories go up EVERY MONTH. EVERY!

[sun tzu]

Thank the fed for price stability