Crude Shrugs As US Oil Rig Count Declines For 4th Week To 10-Week Lows

For the 4th week in a row , US oil rig counts declined (down 4 to 640) leaving the count as 10-week lows. This is the largest 4-week decline since May. Crude prices are undecided on how to react for now with stop runs higher and lower so far...

• *U.S. OIL RIG COUNT DOWN 4 TO 640, BAKER HUGHES SAYS
• *U.S. TOTAL RIG COUNT DOWN 4 TO 838, BAKER HUGHES SAYS

The breakdown is as follows:

• *PERMIAN OIL RIGS DOWN 3 TO 247, BAKER HUGHES SAYS
• *WILLISTON BASIN OIL RIGS DOWN 1 TO 67, BAKER HUGHES SAYS
• *EAGLE FORD OIL RIGS DOWN 3 TO 74, BAKER HUGHES SAYS

Charts: Bloomberg

Comments

[KnuckleDragger-X]

If the oil bonds collapse, expect 100-200 rigs to go offline in a month. The shake-out is coming soon.....

[venturen]

yawn...http://www.bloomberg.com/news/articles/2015-09-23/china-commodity-deluge...

[arbwhore]

Algos are sleepy today. BTW, good time to sell AAPL (when isn't it?) as it looks like the 6s+ bends just like the 6.

[Hans-Zandvliet]

Impossible to decipher: have you become an algo yourself?

;-)

[arbwhore]

Look at AAPL collapse like a cheap cellphone in a pocket.

[henry chucho]

When 300 gallons of crude oil is valued at the price of a pair of Nike sneakers,you know something is seriously fucked up..

[monopoly]

When I see demand picking up for real, then I will buy USO FCX and X. Not just because the dollar moves lower. No thanks., And that might be a while.

[BellevueTrader]

Demand? How do you acurately determine that? Cars getting higher MPG, electric cars, China slowing to a grinding halt...you will die trying. Better off playing USO like Monopoly! BUY! BUY! BUY! 

[BellevueTrader]

Demand? How do you acurately determine that? Cars getting higher MPG, electric cars, China slowing to a grinding halt...you will die trying. Better off playing USO like Monopoly! BUY! BUY! BUY!