With inventories once again on the rise, demand set to seasonally tumble, and production on the rise, the lagged response to the bounce in crude prices continues in the US oil rig count, rising 3 last week to 374. This is the 8th rig count rise in the last 9 weeks. The 58 rig rise (+18% off the lows) is the fastest since Jan 2010. Oil prices had melted up all day (despite record OPEC production) as the USD weakened, and extended gains despite the rig count rise.
- *U.S. GAS RIG COUNT DOWN 2 TO 86 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT UP 3 TO 374 , BAKER HUGHES SAYS
The lagged oil price continues to lead the rig count…
And the response in oil prices (having bounced off the 200DMA), but the USD remains key today…
Charts: Bloomberg
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