For 20 of the last 21 weeks, US oil rig count has declined as it tracked the lagged oil price lower. That changed today as oil rigs were unchanged week-over-week perfectly syncing with the lagged lows in oil. Total rigs dropped 2 (thanks to gas rigs) to a new record low but even that pace has slowed dramatically. Oil prices are fading modestly on the news…
It seems we nailed it as the inflection point in the lagged oil price marked the inflection point (for now) in oil rig count…
With Lousiana rising 7 rigs as Texas decline continues…
And oil prices are giving up earlier gains…
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