US Rig Count Soars Most In 10 Months As Production Hits Record High

US rig counts rose by 12 in the last week - the biggest rise since March 2017 - as the lagged crude price is sparking more drilling and in turn sending production surging to a new record high... just shy of Saudi Arabia!

 

 

 

US crude production surged back from its weather-impacted plunge to a new record high last week...

https://www.zerohedge.com/sites/default/files/inline-images/20180124_DOE3.jpg

 

And is set to overtake Saudi Arabia very soon...

https://www.zerohedge.com/sites/default/files/inline-images/20180126_shale1_0.jpg

Comments

Village-idiot DontGive Fri, 01/26/2018 - 18:38 Permalink

DontGive:  Of course it's alive. How do you think the incoming missiles, fired by the submarine that disappeared off the Argentinian coast, were tracked and intercepted west of Hawaii?

You actually thought it was a false alarm?

You actually thought the satellite was lost? The Deep State also thought it was lost. They were wrong.

Trump always seems to be a few steps ahead of them.

In reply to by DontGive

mailll Fri, 01/26/2018 - 13:36 Permalink

We'll need all the self sufficiency we can get when it comes to oil before they attack Iran and destabilize the flow of oil in the persian gulf. Then we won't complain as much about this potential upcoming war, since we'll have all the oil we need from our own country. 

NoWayJose Fri, 01/26/2018 - 14:09 Permalink

Husband of one of my wife’s friends worked 24/7 in North Dakota a couple years ago and then got chopped.  He is back working oil in Oklahoma and says it’s booming again.  I value his opinion more than any oil analysts.

mailll Fri, 01/26/2018 - 14:26 Permalink

We only averaged over 10,000,000 barrels per day on a monthly basis twice in US history and that was Oct. and Nov. of 1970 and these numbers were only slightly over 10 million barrels per day.  Last week we were at 9.878 million barrels per day.  The way things are going, record highs above 10 million barrels per day US oil production will be the new norm.

Daily US oil production   https://www.eia.gov/dnav/pet/pet_sum_sndw_dcus_nus_w.htm

Historic US oil production  https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MCRFPUS2&f=M

Zepper Fri, 01/26/2018 - 15:58 Permalink

This is BULLISH FOR OIL! BUY OIL FUTURES NOW! Backwardation is a REAL THING!

 

The EIA and API are totally inept institutions. There is so much oil floating around in the world or off shored storage it is ridiculous.

 

If they still had to hold U.S. oil in storage instead of selling it offshore they would have 1 billion barrels of oil in storage on U.S. soil.

 

The whole commodities game is rigged. The stock market is rigged. The bond market is rigged.