US Rig Counts continue to rise +7 to 504 with a previous 497. This is the 14th week of rising rigs plus 11 straight weeks of increase. We’re sure OPEC is not fond of this in the upcoming meeting.
- Baker Hughes US Rig Count (09 Sep): 504 (prev 497)
Rigs Rise and WTI falls. Laggard due to current OPEC news cycle, but when the market plugins fundamentals there could be a sizable reversion. Just look what happen last summer = Deja Vu
Bonus: OVX Oil Volatility. Reversal ?