zerohedge.com / by Tyler Durden / Aug 18, 2017 1:03 PM
The US oil rig count dropped 5 to 763 last week, the biggest drop in 7 months. However, crude production from the Lower 48 has surged (rising the most since June last week) to the highest since July 2015. Even with today’s sheer farce panic-buying squeze higher in WTI crude, oil looks set for its 3rd weekly close lower as BNP notes the “whole supply surplus story is not likely to go away anytime soon.”
- *U.S. OIL RIG COUNT DOWN 5 TO 763 , BAKER HUGHES SAYS :BHGE US
- *U.S. GAS RIG COUNT UP 1 TO 182 , BAKER HUGHES SAYS :BHGE US
As we have noted previously, this inflection point in the rig count fits with the rolover in crude prices…
The post Rig Count Drops Most In 7 Months As ‘Traders’ Panic-Buy Crude Futures appeared first on Silver For The People.