US Oil Rig Count Declines For First Time In 4 Months

Tyler Durden's picture

For the first time in 4 months, the US Oil Rig Count declined last week (down 2 to 441) as the total rig count rose 4 to 557 (gas rigs up 6). Oil remains above the $49.00 level for now.

 

 

While US Crude Production has stagnated around 8.5mm barrels/day, the lagged pick up in the oil rig count suggests production is set to rise notably soon...

 

Charts: Bloomberg

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Hohum's picture

Price has been hanging around $50/barrel for too long for rigs to keep increasing?

alangreedspank's picture

Oil is trading chops. It has no trend other than hovering for the moment. The outcome of the next OPEC meeting will probably unclog things.

KnuckleDragger-X's picture

Rigs move, and only count if they are set up. The imporant thing is completed wells. and we don't have good numbers for those.....

LawsofPhysics's picture

If you are in the business of producing anything real/tangible, then you deal with real margins.

This is fundamentally why price discovery is so important.

Once all the producers go out of business, the world will go to war in earnest.

same as it ever was...

OregonGrown's picture

MUST......PROP.........UP..........STOCKS.........ANYWAY.......WE.........CAN

 

quick..... need a oil supply cut OR rig supply cut "NEWS FLASH" to prop up price of crude and markets!  

 

Shit is getting old...... quick!