US Oil Rig Count Surges Most In 5 Months

Tyler Durden's picture

Tracking the lagged rebound in WTI prices, the US oil rig count rose by 9 this week - the biggest weekly rise since June.

 

 

And with production at record highs, we suspect OPEC will need to jawbone some more...

 

And total US Crude output just hit a new record high...

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sfjsynfuels's picture

Uuuuuh, record high US crude output was in 1971 at 10,000,000 BPD....

abgary1's picture

Is tight oil making money?

Can this be sustained?

hola dos cola's picture

Interestingly WTI and Brent (the graphs of their respective prices) are showing the same reaction to news as the S&P500 did a few months back.

It's BTFD for now, no matter what.

There's something big below the surface. It keeps coming up and still is hungry. Fundamentals gone sour for now doesn't affect its appetite.

 

A (Fin)industry pump before the 'betrayal by OPEC'?

B Sector rotation?

C Distribution phase?

D Something FOREX related?

E Someone just bought a war?

F ...

abgary1's picture

Something big below the surface is the worldwide need for some kind of yield.

Negative interest rates in Europe are not the answer to pension funding.

Thanks central bankers.

hola dos cola's picture

Then I fear they've come to the wrong place at the right time. And times are changing, ofcourse.

P.S. Hope pension potts are not thinking about funding a war for some yield...

Tugg McFancy's picture

lol if you look at the monthly figures there's no way they're pumping 9.6, the EIA has their head up their ass with these weekly estimates

Justin Case's picture

The kingdom of Saudi Arabia is going to beed to death financially if they accept Yuan for oil. The vise tightens. Moar oil is bullish for consumers, not so much for Tillerson.