With Saudis blowing off an OPEC leaders meeting, Iran slashing prices to 3 year lows [6] inventories rising rapidly but US production dropping quickly, and Goldman calling for $20 oil possible [7], it has been a busy (and mixed) week for oil news. Add to that the seasonal lull amid refinery slowdown/repairs and Today's 10 rig drop in US oil rig count to 652 (following last week's 12 rig drop) is the biggest 2-week drop in 4 months just adds to the noise with Texas rig count dropping most (-9 to 366). Crude prices are rising modestly as US rig count drops back to 2-months lows.
- *U.S. OIL RIG COUNT DOWN 10 TO 652, BAKER HUGHES SAYS
- *WILLISTON BASIN OIL RIGS DOWN 1 TO 71, BAKER HUGHES SAYS
- *PERMIAN OIL RIGS DOWN 1 TO 248, BAKER HUGHES SAYS
- *EAGLE FORD OIL RIGS DOWN 1 TO 77, BAKER HUGHES SAYS
- *CANA WOODFORD OIL RIGS DOWN 1 TO 34, BAKER HUGHES SAYS
[8]
- *U.S. TOTAL RIG COUNT DOWN 16 TO 848 , BAKER HUGHES SAYS
This is the lowest total rig count since January 2003...
[9]
and the result...
[10]
Finally, just a "thinking out loud" chart....
[11]
Charts: Bloomberg
