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US oil rigs down 6 in the past week. 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 • ...
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Since peaking in mid-April, crude oil prices have slumped nearly 10% in the spaces of just a few weeks. The sharp drop reflects in part the removal of war risk premium that was slowly priced in as the tensions in the Middle East intensified with Iran and Israel attacking each other directly. But as tensions have eased and hopes for a ceasefire between ...