Between contract roll liquidity and a renewed tumble in the US Oil Rig Count, WTI Crude (Jan 16) has surged above $42.50 (Dec 15 to $41). After last week's very modest rise, the streak of rig count declines continues (11th week of last 12) with a 10 rig drop to 564 - the lowest since June 2010.
Rig count drops for the 11th week of the last 12...
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Texas added 4 rigs to 342 but Oklahoma (down 4 to 81), Colorado (down 3 to 29) and Wyoming (down 3 to 21) all saw rig count declines.
The reaction...
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But then again... why?
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Charts: Bloomberg
