Courtesy of ZeroHedge. View original post here.
Submitted by Tyler Durden.
After last week’s surge in total rig count, this week saw a modest 2 rig drop to 874 total rigs. However, oil rigs rose once again – up 5 to 664 rigs. This is the highest since May 8th. The last 5 weeks have seen a 36 rig rise – the biggest such rise since April 2014. WTI Crude prices are reacting negatively to this news.
- *U.S. OIL RIG COUNT UP 5 TO 664, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNT DOWN 2 TO 874 , BAKER HUGHES SAYS
- *OIL RIGS IN PERMIAN BASIN RISE BY THREE TO 247: BAKER HUGHES
- *OIL RIGS IN WILLISTON RISE BY ONE TO 71: BAKER HUGHES
And crude is reacting negatively…
and some context on the week…
Charts: Bloomberg