Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week
While much was made of this week’s drop in US crude production, it was driven by an Alaskan supply drop, not the Lower 48 whose production is at Aug 2015 highs. WTI back above $50 on the back of more OPEC jawboning appears to have everyone convinced this time is different, but for the 18th week in a row US oil rig counts rose (by 8 to 720).
- *U.S. OIL RIG COUNT +8 TO 720 , BAKER HUGHES SAYS :BHI US
- *U.S. GAS RIG COUNT 180 , BAKER HUGHES SAYS :BHI US
The 18th weekly oil rig count rise…
Production from the Lower 48 continues to soar…
And WTI dipped a little on the print…
And while prices hover above $50, OilPrice.com’s Brian Noble warns that as breakeven prices converge an oil price crash nears…
No one should underestimate the impact of AI (artificial intelligence) on the future of the entire capital markets complex. The LinkedIn group, Algorithmic Traders Association, has recently been running a series of articles warning of the seismic shift that is and will continue to be felt in the global hedge fund industry as machines take over from people on trading desks.
But what intelligent human being would ever suddenly have turned bullish on the morning of Monday 15 May 2017 just because of renewed jawboning from Saudi Arabia and Russia, indulging in the same old two-step as they did at Doha in April 2016 and Vienna in November of last year. That is however precisely what the machines did. Hallelujah.
…click on the above link to read the rest of the article…
