Amid the chaos and turmoil caused by Harvey, today's rig count data is likely to change things as much as a fart in a hurricane. US crude production in the Lower 48 actually fell last week, syncing with the stabilization in the lagged oil rig count.

The US Oil Rig count held to two-month lows last week, unchanged at 759...

(Click on image to enlarge)

US Crude production in the Lower 48 dropped last week following a stabilization in rig counts (but rose 2k overall thanks to a pick up in Alaska)...

(Click on image to enlarge)

Notably, RBOB prices are down today (and WTI) as john Kilduff, a partner at Again Capital, notes “The government is actually reacting positively trying to address and do what they can,... There are some signs of life in several of the refineries already and the 1 million-barrel tapping of the SPR is also helping to ease anxieties over the storm”

(Click on image to enlarge)