US Oil Rig Count Declines For First Time In 4 Months

For the first time in 4 months, the US Oil Rig Count declined last week (down 2 to 441) as the total rig count rose 4 to 557 (gas rigs up 6). Oil remains above the $49.00 level for now.

 

 

While US Crude Production has stagnated around 8.5mm barrels/day, the lagged pick up in the oil rig count suggests production is set to rise notably soon...

 

Charts: Bloomberg