Oil Bounce Fades After 6th Weekly Rig Count Rise In A Row

Having ripped off the algo-run-seeking $39 handle lows after DOE data, WTI broke $42 this morning on payrolls before fading back into the rig count data. For the 9th week of the last 10, US Oil rig counts increased (+7 to 381).

Perfectly tracking the lagged crude price still...

 

Very modest reaction in crude prices but they are fading off the post-payrolls highs overall...