Rig Count Rise Continues To Lead US Crude Production To 20-Month Highs
By Tyler Durden
With WTI prices back below $50, it appears stocks and NOPEC production are trumping any OPEC hype/hope and today’s Baker Hughes’ rig count merely adds to those concerns. For the 13th week in a row, the number of US oil rigs rose (up 5 to 688, the highest since April 2015).
*U.S. GAS RIG COUNT UP 5 TO 167 , BAKER HUGHES SAYS :BHI US
*U.S. OIL RIG COUNT UP 5 TO 688 , BAKER HUGHES SAYS :BHI US
Though the rig count iuncreased, it is the smallest rise in 3 months…
US Crude production reaches its highest since August 2015 as it tracks the lagged rig count higher…
At this pace, US crude production will be at record highs (above 9.6mm b/d) by August. And while the U.S. shale sector continues to be the hottest spot in natural resources investment, OilPrice.com’s Dave Forest notes that news this week suggests America’s oil and gas industry may have a new rival — as shale in a completely different part of the world gets ready to go commercial.
The governor of Argentina’s Neuquen province Omar Gutierrez said in a statement Monday that shale production is about to begin in earnest in his territory. With ExxonMobil reportedly about