While the US oil rig count has gone nowhere for the last 9 weeks (down 4 to 759 this week and with last week's drop the largest in 7 months), US crude production continues to rise, now at its highest since July 2015.
- *U.S. OIL RIG COUNT DOWN 4 TO 759 , BAKER HUGHES SAYS :BHGE US
The US oil rig count continues to track the lagged WTI almost perfectly. This is the biggest 2-week rig count drop since May 2016.
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Despite stabilization in rig counts, US crude production continues to trend higher, jumping to its highest since July 2015 last week...
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Of course, price action has been dominated by Hurricane Harvey headlines...
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