Oil Rig Count Falls By 1 As Analyst Warns Permian Reserves Are Grossly Exaggerated
For only the second time in the last 27 weeks (and 4th in the last 56 weeks), the number of US oil rigs fell last week (down 1 to 764 rigs). There is a growing concern that the rising rig count has now outpaced the lagged response to pricing and is due to rollover further...
Notably the Canadian oil rig count rose by 12 last week.
WTI tumbled to a $45 handle heading into the data after tanker-tracker data suggested OPEC supply was the highest in 2017...