US Oil Rig Count Rises For 23rd Straight Week But High Costs Drive Investors Out Of The Permian
The number of oil rigs in America has now risen for 23 straight weeks (and 50 of the last 52 weeks), up 11 to 758 in the last week - the highest since April 2015.
"It’s becoming bearish mania," said Phil Flynn, senior market analyst at Price Futures Group Inc. in Chicago. "If we keep going down, we’re not going to be adding rigs in a few months, we’re not going to be adding production"
And we suspect, given the lagged reaction to prices, that inflection point in rig counts is close...