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WTI Crude Spikes After Renewed Tumble In US Oil Rig Count
Between contract roll liquidity and a renewed tumble in the US Oil Rig Count, WTI Crude (Jan 16) has surged above $42.50 (Dec 15 to $41). After last week's very modest rise, the streak of rig count declines continues (11th week of last 12) with a 10 rig drop to 564 - the lowest since June 2010.
Rig count drops for the 11th week of the last 12...
Texas added 4 rigs to 342 but Oklahoma (down 4 to 81), Colorado (down 3 to 29) and Wyoming (down 3 to 21) all saw rig count declines.
The reaction...
But then again... why?
Charts: Bloomberg
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Like I said in my comment earlier this morning
http://www.zerohedge.com/news/2015-11-20/gartman-it-time-sell-crude-oil-once-again#comment-6817396
rig count has nothing to do with it...
Gartman strikes again, what was his stop? a good spot to fade this...
How does he do it? It's very difficult to be wrong nearly 100% of the time.
That man is a savant.
It now has to Bang through the 42.60 -42.75 area. Watch the ten minute and 60 minute bars, You can see them banging the close at times.
GARTMAN!!!!!!!
What about other countries oil rig count?
Context man, context!
PS-Francis does seem to be on top of this.
Haha...TooFunny