zerohedge.com / by Tyler Durden / Feb 10, 2017 1:04 PM
EIA confirmation of OPEC cut-compliance is trumping the dismal inventory data and surging US production for now. However, as US oil rig counts continue to rise (+8 to 591 – highest since Oct 2015) with US crude production charging ahead with it, the question many should be asking (given all-time record high net long speculative positioning in WTI/Brent) is “what will OPEC do if the market doesn’t rebalance?”
The rise in rig counts has been all Permian and all horizontal. Oil rig counts rose 8 this week to 591 – the highst since Oct 2015
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