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WTI Extends Losses As US Oil Rig Count Rises To 7-Month Highs

Friday, September 23, 2016 12:31
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(Before It's News)

With oil prices plunging after Saudis stole the jam out of the oil freeze hopers donut, US oil rig count (at seven month highs) rose 2 to 416 (the 13th week in a row) and the total rig count rose to 511.

Rig count has risen for 13 straight weeks to 7-month highs…

Given the extremely high correlation between rig counts and lagged oil prices, the chart abiove suggest we are getting close to rolling over in rig counts.

For now oil is holding losses below the week's API inventories ramp levels…

Charts: Bloomberg

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