Having risen for 6 of the last 7 weeks, the US oil rig count extended its run with a 14 rig surge this week – the biggest absolute rise since Dec 2015. Oil rigs have now risen 55 rigs in the last 8 weeks – the biggest percentage rise since Dec 2009. WTI is tumbling to fresh 3-month lows on the news…
- *OIL RIGS IN D-J/NIOBRARA ROSE BY 2 TO 18: BAKER HUGHES
- *OIL RIGS IN EAGLE FORD ROSE BY 2 TO 29: BAKER HUGHES
- *OIL RIGS IN PERMIAN ROSE BY 8 TO 168: BAKER HUGHES
The 14 rig surge to 371 is the biggest weekly percentage rise since Nov 2009…
And crude hit fresh 3mo lows…
via http://ift.tt/29QCGCL Tyler Durden