{"id":23995,"date":"2017-05-19T18:50:53","date_gmt":"2017-05-19T23:50:53","guid":{"rendered":"http:\/\/olduvai.ca\/?p=23995"},"modified":"2017-05-19T18:51:03","modified_gmt":"2017-05-19T23:51:03","slug":"lower-48-production-nears-cycle-highs-as-rig-count-rises-for-18th-straight-week","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=23995","title":{"rendered":"Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.zerohedge.com\/news\/2017-05-19\/lower-48-production-nears-cycle-highs-rig-count-rises-18th-straight-week\">Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week<\/a><\/h3>\n<section class=\"messages-holder\"><\/section>\n<div class=\"tabs\"><\/div>\n<section class=\"node node-type-story node-full node-nid-596285 ads-injected\">\n<div class=\"content\">\n<p>While much was made of this week&#8217;s drop in US crude production, it was <em>driven by an Alaskan supply drop<\/em>, not the<strong> Lower 48 whose production is at Aug 2015 highs<\/strong>. WTI back above $50 on the back of more OPEC jawboning appears to have everyone convinced this time is different, but for the <strong>18th week in a row US oil rig counts rose (by 8 to 720).<\/strong><\/p>\n<ul>\n<li><strong>*U.S. OIL RIG COUNT +8 TO 720 , BAKER HUGHES SAYS :BHI US<\/strong><\/li>\n<li><strong>*U.S. GAS RIG COUNT 180 , BAKER HUGHES SAYS :BHI US<\/strong><\/li>\n<\/ul>\n<p>The 18th weekly oil rig count rise&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/05\/14\/20170519_RIG2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/05\/14\/20170519_RIG2_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>Production from the Lower 48 continues to soar&#8230;<iframe id=\"google_ads_iframe_\/5206\/invc.zerohedge\/economics_news_2\" title=\"3rd party ad content\" name=\"google_ads_iframe_\/5206\/invc.zerohedge\/economics_news_2\" width=\"3\" height=\"7\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" data-mce-fragment=\"1\"><\/iframe><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/05\/14\/20170519_RIG1_0.jpg\" width=\"600\" height=\"311\" \/><\/p>\n<p>And WTI dipped a little on the print&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/05\/14\/20170519_RIG3.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/05\/14\/20170519_RIG3_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>And while prices hover above $50, <a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/As-Breakeven-Prices-Converge-An-Oil-Price-Crash-Nears.html\">OilPrice.com&#8217;s Brian Noble <\/a>warns that <strong>as breakeven prices converge an oil price crash nears&#8230;<\/strong><\/p>\n<p><strong>No one should underestimate <a href=\"http:\/\/oilprice.com\/Energy\/Energy-General\/Did-Algos-Drive-The-Latest-Oil-Price-Rally.html\">the impact<\/a> of AI (artificial intelligence) on the future of the entire capital markets complex.<\/strong> 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.<\/p>\n<p><u><em><strong>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.<\/strong><\/em><\/u><\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"<p>Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week While much was made of this week&#8217;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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,600,3450,4318],"class_list":["post-23995","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-opec","tag-us-oil-rig-count","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23995","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=23995"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23995\/revisions"}],"predecessor-version":[{"id":23997,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/23995\/revisions\/23997"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=23995"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=23995"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=23995"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}