Business

With all eyes on Doha this weekend, today's rig count data may have even less signaling power than normal. The US oil rig count has risen for only one week this entire year and continues to track lagged crude prices lower, dropping 3 to 351 (lowest since Oct 09). With gas rigs unchanged, the total rig count dropped once again to a new fresh record low at 440. The reaction in crude oil prices was a small bounce.

• *U.S. GAS RIG COUNT UNCHANGED AT 89 , BAKER HUGHES SAYS

Submitted by Michael Snyder via The Economic Collapse blog,

Nations representing almost 60%of the world’s oil production will gather in Doha on April 17 to discuss "freezing their output at January levels" in an effort to stabilize prices. According to Bloomberg, Russia, Saudi Arabia, Qatar and Venezuela made a preliminary deal in February and are seeking to add more producers and extend the recent price recovery, but, despite the exuberant squeeze early this week, oil prices are fading modestly as D(oha)-Day looms.

Submitted by Pam Martens and Russ Martens via WallStreetOnParade.com,

The Fed is “one and done” for rate hikes.

We called this back in mid-2015. The US economy is far too weak for the Fed to engage in anything resembling a series of rate hikes. Corporate leverage, household leverage, even the national debt stand at levels that limit the Fed from hiking rates.

The Central Banking insiders know this. Which is why Former Fed Chair Ben Bernanke admitted in private luncheons with hedge fund managers that rates would not “normalize” in his “lifetime.”