Despite the dramatic plunge in rig counts, this week saw yet another surge in production to record highs and with storage levels getting close to full, it would seem – despite the bounce/squeeze in oil prices to $53 as the data hit – that supply remains well ahead of any demand. Total rig count dropped 98 to 1,358 – for the largest weekly drop of the 10 week run as cutting is accelerating rapidly – now down 30%. This is the biggest weekly rig count drop since 1993. West Virginia remains the relative hardest hit with rig count depletions but Permian Basin collapse 49 rigs to 369 this week.
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