Following last week's massive 29 rig jump in the US oil rig count (the largest since April 2013), Baker Hughes reports another 15 rig surge to 566 in the last week (with the entire rise dominated by horizontal/Permian rigs). US Crude production continues to track the surging rig count and that is weighing on WTI futures prices (back below $53 once again).
From the 316 count lows on May 27th, US oil rigs are up 250 overall (up 15 to 566 this week).. This is the biggest 2-week surge in rig counts since Dec 2011
And US Crude production is tracking the lagged oil rig count…
The surge in oil rig counts since May 2016 has been dominated by Permian…
Horizontal rigs…
And WTI Futures are back below $53…
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