For a record-breaking 20th week, US rig counts declined. Total rigs dropped 22 to 932 (the 4th smallest drop since Nov 2014) while oil rigs fell 31 to 703 (down over 56% from the highs). With the very modest production drop (all due to Alaska with the Lower 48 flat) it appears any slowdown in drilling rigs has not dampened enthusiasm to pump, baby, pump. WTI initially popped but is fading now...
- *U.S. TOTAL RIG COUNT DOWN 22 TO 932 , BAKER HUGHES SAYS
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- *U.S. OIL RIG COUNT DOWN 31 TO 703, BAKER HUGHES SAYS
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And the reaction in crude..
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Charts: Bloomberg
