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Oil Bounce Extends After US Oil Rig Count Continues To Plunge
A modest production cut this morning may - or may not - be 'correlated' with the fact that once again the oil rig count declined 9 to 555 rigs, tracking oil's slide. This is the 12th weekly drop in the last 13 weeks to the lowest since June 2010.
Rig count is tracking the lagged crude price...
When does production slow?
Charts: Bloomberg
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Never mind the crude spilling over the brims at Cushing, just as long as we take down 3 rigs a week.
Turkey shoots down oil rig
Oil is still going down... they going to try to get a nice high at months end. Will see. Shorts are in order post 29th..
Still a lot of wells that have been drilled, but not brought online. the question is who will buy the end product since the real economy is still sliding downhill.....
Nothing like the present to stock up on oil for the upcoming mother of all wars.
How much ISIS capacity was removed this week?
Somewhere between 50k-80k barells per day.
If anyone out there thinks he understands the whys, wheres, and hows, of this oil market, may I suggest that you call and inform the manipulators? Because they surely haven't a clue. Rig counts almost 2/3 lower than last year and prices cut in half, yet production and inventory up. I guess producers are producing but not selling and consumers stopped buying fuel because the prices are too cheap. Your guess is as good, or better, than mine.
Happy Thanksgiving!
J
technology allows one drill to do the work of 10 drills.... Even though production is soaring....proven reserves in the USA...increased 10% THIS YEAR!!! If the technology we are using was applied across the world....we would be knee deep in oil. $150/barrel was a curel joke by Goldman et al....the production cost never really went about $40
What planet are you on? Production is soaring? Show me some link where the cost is under $40. companies' balance sheets don't show that in North America. Continental Resources, for one, reported recently an $82 million loss.
Texas better be better than North Dakota, which was 35% YOY from December 2013 to December 2014 and is now lower YOY:
https://www.dmr.nd.gov/oilgas/stats/historicalbakkenoilstats.pdf
I'm afraid the manipulators don't care about the fundamentals. It's all about supporting the stock market, and that means CL ramps higher almost every day during "market" hours, only to reset at night.
http://pebblewriter.com/tag-teaming-stocks-higher/
Unfortunately, the fundamentals don't matter much anymore. It's all about keeping algos happy, and CL is pretty damn good at it.
From Nov 13, when CL was 8.5% lower: http://pebblewriter.com/why-oil-should-bounce-here/