Oil Gives Up Post-Payrolls Gains As Rig Count Rises For 2nd Straight Week
By Tyler Durden
Following last week’sunexpected rise in US oil rigs – and the biggest increase in US Crude production since the first week of January – the lagged price of oil suggested that rig counts would continue to rise this week, and it did – up 3 to 328. Oil prices had dropped from over $51.50 to almost $49 – erasing the post-payrolls gains- ahead of the rig count data and were relatively unimpressed by the print.
Production rose last week for the first time in 18 weeks and by the most since Jan 1st:
As rig counts increased by the most since December and for the 2nd week in a row… leaving oil unchanged since payrolls…
Charts: Bloomberg
Source: Oil Gives Up Post-Payrolls Gains As Rig Count Rises For 2nd Straight Week
Posted June 10th, 2016 in Uncategorized.
