Shale Efficiency Has Peaked For Now As Rig Count Surges For 22nd Straight Week

admin Energy

For the 22nd week in a row, the number of US oil rigs rose (up 6 to 747) to the highest since April 2015.
Given the historical relationship between lagged prices and rig counts, we suspect the resurgence in rigs may begin to stall…

Oil is headed for the longest run of weekly losses since August 2015 as OPEC member Libya restored production and the surplus in the U. S. shows little sign of abating.

This post was published at Zero Hedge on Jun 16, 2017.

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