With oil prices are already sliding quite markedly, it seems traders are questioning demand assumptions (as growth hopes fade), and with the oil rig count now up for 3 weeks in a row (up 9 to 337 this week) it appears supply expectations may not be helping either. The last 3 weeks have seen 21 oil rigs added (the most since Aug 2015) and the biggest percentgae rise in oil rigs since Aug 2010.
The rig count continues to track the lagged oil price perfectly as we have been explaining…
The question remains, will a rising rig count stall the oil rally?
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