US Oil Rig Count Rises At Fastest Pace Since Dec 2011

The US oil rig count rose 6 to 357 this week - this is 6th rise of the last 7 weeks (up 41 rigs) - the biggest absolute rise since May 2014. Off the lows, the US oil rig count is now up over 10% - the most since Dec 2011. Of course, oil prices are rallying on this news...

  • *U.S. OIL RIG COUNT UP 6 TO 357, BAKER HUGHES SAYS

The oil rig count continues to track 3mo lagged WTI prices almost perfectly...

 

And the impact on prices, after some early strength from Exxon declaring force majeure in Nigeria and restricting 672k barrels per day, was a rally in prices.

 

Charts: Bloomberg