US oil rig counts have now risen for 30 of th elast 32 weeks (up 4 to 529 today) - the highest in a year...
Following lagged oil prices and leading US crude production higher...
While the market continues to ignore this data (for now), we note that if the codependence remains, then OPEC will need to slash output further to balance the market as US shale output is not dropping any time soon.