{"id":24719,"date":"2017-08-18T12:22:10","date_gmt":"2017-08-18T17:22:10","guid":{"rendered":"http:\/\/olduvai.ca\/?p=24719"},"modified":"2017-08-18T12:22:10","modified_gmt":"2017-08-18T17:22:10","slug":"rig-count-drops-most-in-7-months-as-traders-panic-buy-crude-futures","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=24719","title":{"rendered":"Rig Count Drops Most In 7 Months As &#8216;Traders&#8217; Panic-Buy Crude Futures"},"content":{"rendered":"<div class=\"page-inner\">\n<div class=\"view view-featured-posts view-id-featured_posts view-display-id-default view-dom-id-2\">\n<div class=\"slider view-content\">\n<div class=\"views-row views-row-2 views-row-even\"><\/div>\n<div class=\"views-row views-row-3 views-row-odd views-row-last\">\n<article class=\"node node-type-blog node-teaser node-nid-601917 no-image\">\n<div class=\"teaser-content\">\n<div class=\"teaser-text\">\n<h3><a href=\"http:\/\/www.zerohedge.com\/news\/2017-08-18\/rig-count-drops-most-7-months-traders-panic-buy-crude-futures\"><span style=\"color: #222222;\">Rig Count Drops Most In 7 Months As &#8216;Traders&#8217; Panic-Buy Crude Futures<\/span><\/a><\/h3>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n<\/div>\n<section class=\"article-list\">\n<section class=\"messages-holder\"><\/section>\n<section class=\"node node-type-story node-full node-nid-601927 ads-injected\">\n<div class=\"content\">\n<p>The US oil rig count dropped 5 to 763 last week, <strong>the biggest drop in 7 months<\/strong>. However, <strong>crude production from the Lower 48 has surged (rising the most since June last week) to the highest since July 2015.<\/strong> Even with today&#8217;s sheer farce panic-buying squeze higher in WTI crude, oil looks set for its 3rd weekly close lower as BNP notes the<strong><em> &#8220;whole supply surplus story is not likely to go away anytime soon.&#8221;<\/em><\/strong><\/p>\n<ul>\n<li><strong>*U.S. OIL RIG COUNT DOWN 5 TO 763 , BAKER HUGHES SAYS :BHGE US<\/strong><\/li>\n<li><strong>*U.S. GAS RIG COUNT UP 1 TO 182 , BAKER HUGHES SAYS :BHGE US<\/strong><\/li>\n<\/ul>\n<p>As we have noted previously, this inflection point in the rig count fits with the rolover in crude prices&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/08\/17\/20170818_rig2.jpg\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/08\/17\/20170818_rig2_0.jpg\" alt=\"\" \/><\/a><\/p>\n<p>While the rig count growth has stabilized, crude production continues to rise in the Lower 48 (though had dropped in Alaska for 3 straight weeks) but both saw a rise this week (total production up 79k) as Lower 48 production hit its highest since July 2015&#8230;<\/p>\n<p><a href=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/08\/14\/20170816_DOE2.png\"><img decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/08\/14\/20170816_DOE2_0.png\" \/><\/a><\/p>\n<p>Bloomberg notes that <strong>U.S. oil production from major shale plays is set to hit another record at 6.15 million barrels a day next month,<\/strong> according to the EIA. It&#8217;s not just the Permian that&#8217;s growing, as the agency sees higher output across the board.<\/p>\n<p>WTI Crude remains lower on the week despite the panic-buying&#8230; with no catalyst at all except bannon momentum ignition in USDJPY.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/www.zerohedge.com\/sites\/default\/files\/images\/user3303\/imageroot\/2017\/08\/17\/20170818_rig1_0.jpg\" width=\"600\" height=\"310\" \/><\/p>\n<p>Soime chatter on the crude curve &#8211; <em><strong>\u201cFlat price is finally catching up with some of the signs we\u2019ve seen that the physical market is tightening,\u201d\u00a0<\/strong><\/em>Clayton Rogers, an energy derivative broker at SCS Commodities, says.<\/p>\n<\/div>\n<div id=\"re_402899886\"><\/div>\n<div class=\"node-links\"><\/div>\n<\/section>\n<\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Rig Count Drops Most In 7 Months As &#8216;Traders&#8217; Panic-Buy Crude Futures 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&#8217;s sheer [&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":[47,15641,2531,846,9433,4318],"class_list":["post-24719","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-baker-hughes","tag-crude-futures","tag-us-rig-count","tag-us-shale-oil","tag-us-shale-oil-production","tag-zerohedge"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24719","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=24719"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24719\/revisions"}],"predecessor-version":[{"id":24720,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/24719\/revisions\/24720"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}