Following a dramatic surge in US oil rig counts the last two weeks, Baker Hughes reports oil rigs rose once again (the 28th weekly rise of the last 30) by 13 to 523 – the highest since the first week of January 2016.

The oil rig count is tracking the lagged oil price perfectly still…

 

US crude production looks set to continue to rise – tracking the lagged rig count rise – much to the chagrin of the Saudis…

 

There was no reaction in crude futures prices at all.


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