For the 17th week in a row, the number of US oil rigs rose (by 9 to 712) but US gas rigs fell.
- *U.S. OIL RIG COUNT UP 9 TO 712 , BAKER HUGHES SAYS :BHI US
- *U.S. GAS RIG COUNT DOWN 1 TO 172 , BAKER HUGHES SAYS :BHI US
Texas saw an additional 8 rigs added.
That’s the highest level since the week of April 17, 2015, and the longest stretch of increases in six years.
Just don’t show Goldman (or OPEC).
This article appeared at ZeroHedge.com at: http://www.zerohedge.com/news/2017-05-12/us-oil-rig-count-rises-17th-straight-week-crude-production-nears-record-highs