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The total oil US rigs count now stands at 857, or 426

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Oil Prices Fall Further As U.S. Rig Count Inches Higher

Oil Prices

In its fourteenth straight climb, US oil rigs rose another five this week, while gas rigs increased by five as well.
The total oil and gas rig count now stands at 857, or 426 more than a year ago today.
Canada lost 19 oil and gas rigs this week, but still sits at 59 above last year’s count.
The number of active oil rigs in the United States now stands at 688 – 345 rigs higher than the figure one year ago.
The last time oil rigs were this high was two years ago this week.

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Expert Commentary: How Much Further Can Oil Prices Fall?

Oil Prices

Overall gasoline stocks are -1% y/y over the last month with PADD IB stocks -3% y/y, PADD II stocks +2% y/y and PADD III stocks -4% y/y.
The front Heating Oil / WTI crack remains strong at $16/bbl which is driving a 9% y/y gain in production.
Related: Bullish Oil Price Predictions Should Be Treated With CautionUS distillate stocks continued their bullish trend of sharp draws with a weekly decline of 2m bbls.
Overall inputs are +2.4 y/y over the last month with a regional breakdown of -17% y/y in PADD I, +14% y/y in PADD II and -1% y/y in PADD III.
We credit this macro slowdown- rather than fundamental developments- for this week’s fatigue in oil. In its fourteenth straight climb, US oil rigs rose another five this week, while gas rigs increased by five as well.
The total oil and gas rig count now stands at 857, or 426 more than a year ago today.

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