WTI Slides After Biggest Rig Count Spike In 16 Months

Tyler Durden's picture

The US oil rig count surged by 19 to 471 last week - the biggest weekly rise since July 2015 back to 9-month highs. This is the 22nd weekly rise in the last 24 weeks and is occurring as US crude production is beginning to rise once again.

  • *U.S. OIL RIG COUNT UP 19 TO 471 , BAKER HUGHES SAYS :BHI US
  • *U.S. GAS RIG COUNT UP 1 TO 116 , BAKER HUGHES SAYS :BHI US

Tracking lagged WTI prices still...

 

And US production is on the rise...

 

WTI prices slipped on the print...

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thesonandheir's picture

OPEC can't even deal with the USD pump.

bada boom's picture

What's the 'Rigged' count up to?

Cluster_Frak's picture

that's bullish. who wants to pay $1,000,000 a day for a rig rental, if it were not profit.

Duane Norman's picture

Shit moved 16 cents.  Coulda been one guy pushing the sell button, not even worth mention

Squid Viscous's picture

what a joke this market is, 2 handle range all fucking day? really?

Hohum's picture

Do or die.  Let's hope the new rigs lead to driling that does better than the Bakken:  651 additional wells year over year for 16.7% decline in production.

Publicus's picture

Oil is the best renewable we have.

liquid150's picture

A 20 or 30 tick slide on a 30 second chart in oil is normal...it happens almost every hour.

These articles are starting to get absurd. It's almost like Tyler hasn't got a fucking clue what he's talking about.

Gregor Samsa's picture

Anecdotal but I've heard that oil companies are restarting a lot of production and hiring again. There seems to be a lot of optimism in that sector, and yet none of the fundamentals have changed. 

pebblewriter's picture

Ignore the data, pay attention to where central planners NEED oil to be...

http://pebblewriter.com/welcome-to-peak-oil/

Zeusky Babarusky's picture

API comes out with a large inventory build, oil goes lower for about 30 minutes then goes back up. DOE comes out with a large inventory build, oil goes lower for about 30 minutes then goes back up. Some crook releases a bogus article about Russia, OPEC, et al, considering thinking about talking about freezing production, oil goes up. The common denominator is that oil goes up, even when demand is tepid. The consumer is getting the shaft.

pebblewriter's picture

"The consumer is getting the shaft." 

Consider consumers in Japan or Europe, whose currency is also crashing relative to USD-priced oil -- all in an effort to prop up stocks.

Johnny Debt's picture

What about Torchlight Oil out of Texas? TRCH I think?

Enginer01's picture

USGS finds 20 Billion Barrels of oil...

https://wattsupwiththat.com/2016/11/17/newsbytes-u-s-geological-survey-d...

Peak Oil is over for a while...