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US Oil Rig Count Drops For First Time In 24 Weeks As Trump Unveils US-Mexico Petroleum Pipeline

Last week saw US crude production decline by the most since Aug 2016 (perhaps affected by 'Cindy') and given the lagged response to WTI prices, many expected the oil rig count to drop this week. As WTI heads for its 7th up-day in a row - the longest streak in 6 months - it is supported as the US oil rig count dropped 2 to 756, the first drop in almost 6 months. “Is it possible we’d have our first negative number in 24 reports? Unlikely but it’s possible” when you see production down 3 of the past 7 weeks, Bob Yawger, director of the futures division at Mizuho Securities USA in New York, says by telephone U.
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