Baker Hughes total U.S. rig count falls by 5
U.S. energetic drilling rigs decline again, by five to 258, within the brand new weekly file from Baker Hughes.
U.S. Oil rigs fell by four to 181 for its 17th immediately weekly decline, while fuel rigs shed 1 to seventy five and 2 rigs continue to be categorized as miscellaneous.
Rigs targeting oil within the Permian Basin lose 1 to 125.
WTI August crude oil +1.3% to $40.15/bbl.
ETFs: USO, UCO, BNO, SCO, USL, DBO, USOI, NRGU, OILK, OLEM, OILX
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Saudi Arabia Dead Serious About Pushing Oil Prices Higher
Summary
The media shops are botching the OPEC+ settlement to taper cuts.
Saudi's crude exports for August will be the same, so notwithstanding cuts being tapered, overall components will possibly stay the same.
Noncompliant manufacturers must also make up for the noncompliance in August and September, making headline cuts larger.
Saudi Arabia may be best exporting ~5 mb/d in July, and with steering from ABS that August will be the same, worldwide crude exports will stay depressed.
Oil Outlook: 2020 And Beyond
Summary
Falling Rig counts help construct the bullish case.
US oil production have to fall significantly in 12 months.
Bloated inventories and tepid demand means that price recovery might also nonetheless be a few methods off.
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