WTI Slides Despite Plunge In US Oil Rig Count
The oil rig count dropped 20 to 516 in the last week - the biggest weekly drop in 4 weeks to new cycle lows. Crude was unimpressed, jumping modestly and then fading...
- *OIL RIGS IN PERMIAN BASIN FELL BY 9 TO 200, BAKER HUGHES SAYS
- *OIL RIGS IN WILLISTON FELL BY 4 TO 49, BAKER HUGHES SAYS
Rig count decline accelerated notably... Rig count continues to track the 3mo lagged WTI price...
And crude popped and dropped...
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i thought "rig count" referred to the number of times these guys rig the market in a day...
That kind of rig count is measured in 1 millisecond ticks.
There is ZERO geo-political risk in price here, none. Market is 100% discounting any type of infrastructure attack on facilities. Not smart.
NO means NO! (as in no price discovery).
enjoy the discount while it lasts, why the fuck not?
It's not about rigs but the holes already in the ground and how much we're actually using.......
Markets are supposed to be forward looking at the fact that less rigs now means less production down the road
True, but crudes slides for the same reason why stocks seems to rise for ever. It called divine intervention from the US.
OT: Silver crashing.
Watch silver and gold, they'll follow crude up and down. Anyone that thinks there will be a breakout in ag and au are mistaken. They're still considered commodities to the masses and that perception is what they will keep going.
They will only break out or reset when this current system breaks and only until then. Those in charge have too much time and value invested at this point.
maybe so, but they wont announce pulling that plug to the masses, if you are not positioned for it, you will miss it.
I <3 cheap gas.
Implied is the woefully inefficient (EROEI) fracking industry production. Maybe the wells can be converted to windmills.
I guess those mofos and presstitutes from business media are paid for lying hence they are coming up with ridiculous stories that Saudis fighting to their market share against Russia, Venezuela, Iran and US frackers. Bull Shit, they are fighting to survive as a fiefdom, publicly acknowledging a year ago that global crude oil demand is in a secular collapse lasting at least 20 years, Russia and China agreed.
They are selling ARAMCO, domestic stocks, anything that moves because they want to arm themselves and desperately trying to diversify sources of income by privatization of state assets eliminate massive subsidy, the core of the Saudi social contract, increase prices and impose massive taxes on population as well as devised plan to expel 10 millions of foreign slaves (workers) and force Saudi citizen into low pay (traditionally) demeaning work. Even they consider allowing women to work with men, even as truck drivers.
This is nothing short of revolution and not merely economic pasturing.
Being cut off from China by Russian and Iranian deals they are fighting to survive, acknowledging US imperial economic collapse, accepting Yuan based crude oil benchmark and signing up with the Shanghai crude oil exchange market while dumping their US treasuries and arming themselves to teeth predicting that US military shield will evaporate soon leaving them vulnerable to desintegration.
More on what’s really going on in global economy unrelated to FED’s meaningless spectacle as well as discussion of the foundation of real economy can be found here:
https://contrarianopinion.wordpress.com/economy-update/