Following last week’s dramatic 31 rig decline, Baker-Hughes reports another major decline of 28 oil rigs (dropping the total oil rigs to 439 – lowest since Jan 2010 – for the 8th consecutive week). The total rig count dropped 30. On the heels of OPEC rumors overnight and then re-rumored bullshit from Venezuela, oil prices had already surged during the day and the biggest 2-week rig count decline in 10 months after initially being sold, is rallying once again.
- *U.S. OIL RIG COUNT DOWN 28 TO 439, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNT DOWN 30 TO 541 , BAKER HUGHES SAYS
As the rig count continues to track almost perfectly the lagged oil price…
The declines were widespread with Texas dropping the most absolutely…
Oil did not rip on this “great” news… but minutes later pushed to new highs
Charts: Bloomberg
via Zero Hedge http://ift.tt/1oaL4jn Tyler Durden