After a surprise surge last week, the US oil rig count resumed its decline this week (dropping 3 to 538). Gas rigs dropped 6 in the last week (as the Nattie glut continues). Crude oil prices fell very modestly on the rig count data (having run stops to FOMC day gaps).
Rig count continues to track lagged oil price almost perfectly...
Crude slipped very modestly...
Having run stops to last week's major inventory build...
Charts: Bloomberg