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WTI Extends Gains After US Oil Rig Count Plunges For 9th Week

Tyler Durden's picture
Submitted by Tyler Durden on 10/30/2015 13:06 -0400



 

With inventories building, production limping lower, and prices tumbling (and spiking), Baker Hughes reported a 12 rig drop in the total rig count to 775 rigs (the 10th week without a rise in total rig count). However, the oil rig count tumbled 16 to 578, the 2nd biggest weekly decline in 6 months to its lowest since June 2010.

  • *U.S. TOTAL RIG COUNT DOWN 12 TO 775 , BAKER HUGHES SAYS
  • *U.S. OIL RIG COUNT DOWN 16 TO 578, BAKER HUGHES SAYS

 

Extending Crude's gains...

 

Charts: Bloomberg

 
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Fri, 10/30/2015 - 13:12 | 6731485 CrazyCooter
CrazyCooter's picture

Yeah, just wait til Iranian exports come online ...

Regards,

Cooter

Fri, 10/30/2015 - 13:49 | 6731626 cougar_w
cougar_w's picture

I don't know if SA is going to win this pissing contest or not. If not, then the oil picture will be getting really interesting very quickly.

Fri, 10/30/2015 - 14:05 | 6731702 LawsofPhysics
LawsofPhysics's picture

Yes, just wait...

Fri, 10/30/2015 - 15:38 | 6732109 Deathrips
Deathrips's picture

WTI going to 20s

 

RIPS

Fri, 10/30/2015 - 20:44 | 6732912 CrazyCooter
CrazyCooter's picture

Rips I tossed out 30s a while back (almost a year ago) but you you might have some bacon here.

Regards,

Cooter

Fri, 10/30/2015 - 14:04 | 6731696 LawsofPhysics
LawsofPhysics's picture

...and must be purchased with rubles...

Yeah, just wait.

Fri, 10/30/2015 - 14:06 | 6731706 jimcg
jimcg's picture

Iran never stopped pumping oil, they just sold it at a discount on the black market.

Fri, 10/30/2015 - 13:14 | 6731489 BullyBearish
BullyBearish's picture

Exactly what's needed, simultaneous increases in the cost of money and energy...that'll fix it!!

Fri, 10/30/2015 - 14:03 | 6731692 Hohum
Hohum's picture

Declining rig counts are okay as long as more wells are being driled.  If more wells aren't being drilled, oh no.  If the number of new wells is decreasing, oh no.

Fri, 10/30/2015 - 14:28 | 6731835 venturen
venturen's picture

who cares about oil rigs....Storage of oil  is at 80 year record...across the world. China is EXPORTING diesel....EXPORTING

Fri, 10/30/2015 - 14:54 | 6731949 markar
markar's picture

So how does 16  rigs coming offline have anything to do with world wide supply/demand dynamics? Massive new production from Iran and China is out of storage space.

 

friggin algos driving the "market" as usual.

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