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Crude Barely Notices After Oil Rig Count Plunges Most In 2 Months
Amid the carnage in crude markets today, Baker Hughes just reported a 21 rig drop in oil rigs - the biggest absolute drop in 2 months. The total rig count dropped 28 to 709 - the lowest since 1999.
- *U.S. OIL RIG COUNT DOWN 21 TO 524, BAKER HUGHES SAYS
Oil barely budged...
Here's why... because production has barely budged...
Charts: Bloomberg
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Short WTI has replaced long USD/JPY as new carry trade. Nothing can make WTI go up now.
OPEC can and someone is going to make a shit ton of money getting the inside scoop on that.
OPEC is a fake organization and an acronym created by the US overlords for "those guys way over there in another land controlling oil". It's the Feds' and Wall Streets' way of deflecting who really controls the financial markets and the USD. The petrodollar is the core of the MIC and the USD. A nefarious and evil "cartel" in that far off land are sold to the US public as a way of displacing blame when prices rise or fall. The Fed controls everything, especially the petrodollar.
Slaughterer didn't fully explain (I presume) but hit the nail on the head in not so many words.
Rig count schmig count. Production is still only ~5% less than peak.
"Pay me more. I got bills to pay!" Sounds very much like the fast food workers. Shut the fuck up because there are 5 Middle Eastern dictators ready to take your place bitch!
We are running out of oil storage.
I propose to start selling crude oil in Coke bottles at supermarkets.
“Buy one – get one free” will help… ;-)
Looney
Fucking Imports gotta go somewhere ........ Just why do we prop up the Head Chopping terrorists ? I'd suggest we get our imports from Venez or the Canuks. Anyone but the house of Saud.
I hear real estate is going for a song in the Marcellus region...
ZH telling the story in 1 line:
Here's why... because production has barely budged
thats the ONLY thing that matter as it pertains to the "rig count". moreover, the rigs they are shutting-down are of the weaker variety. this is merely a desperate attempt to goose the price. market has finally woke-up to this game of 3-card monte we've been playing here in the states as it relates to the rig count.
big-time fundamental news surrounding oil happened last week at the OPEC meeting where it turned into a free-for-all. countries are NOT going to shut-in production so-long as they have social programs to meet similar to oil companies are not going to stop pulling it out of the ground so-long as they have debt-obligations to meet.
price of oil is a self-fullfilling prophecy at this point and the issue NOBODY on CNBC wants to talk about is that demand is dripping lower & with ISM data collapsing, and IF she raises next week, there will be a lid on oil for sometime, or at the very least until that parking lot full of 31 million barrels on tankers sitting in the gulf of mexico clears.
makes next weeks fed meeting all the more interesting. she's boxed herself in-that they have spent the last few weeks prepping the market for a rate hike to NOT hike now would completely "undermine her credibility" to all the long only guys they bailed-out in 2008 only to pump up the market to this point where they have no choice but to begin the point of pulling the plug or go deeper in & towards their eventual goal of negative rates.
There is heavy algorithmic manipulation across the oil futures market adding to the erosion of the price levels.
the mike sintolli weather report & ron insana virtual portfolio strategy session currently in-progress on CNBC
"Here's why... because production has barely budged..."
That sounds like a presumption in a rigged (pun intended) market. I wouldn't put much weight on that being the reason though.
Your charts and graphs efforts on the site save me a lot of time and effort though. So thanks to Tyler(s).
Eventually,we'll find out the 3 or 4 wells that are actually producing oil..The other 540 wells are nothing more than "decoys",to sucker investors into high yield junk bonds,and make it appear as though Amerika is sitting on a bottomless pit of oil..
From 1,600 to 500 in a year... WOW
What happen to BTFD?
ITIS
(its the imports, stupid)