I’m surprised to see oil rigs dropping despite higher recent oil prices but producers are showing discipline. That certainly adds some downside risks to year-end US production estimates. US gas production has also been dropping fast and that’s a big reason why natty is up almost 6% today.
- Oil rigs 499 vs 506 prior
- Gas rigs 102 vs 105 prior
This article was written by Adam Button at www.forexlive.com.
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