Baker Hughes US oil rig count 397 vs 387 prior

• Nat gas 102 vs 103 prior

This is the largest weekly increase since April. OPEC isn’t going to love the idea of more US drilling but uncompleted well is the US that’s been worked off in the past 18 months and there’s a fair argument that even at this level of drilling, the US won’t be able to keep production flat.

The weekly oil chart highlights a fair bit of uncertainty and underscores the importance of $64.