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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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WTI futures print their steepest weekly drop in three months. Dan Deming examines.