Oil & Energy

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Following last week's record crude oil production and rising rig counts which futures markets have shrugged off we saw production and builds explode higher this week Support from the wilting US dollar has been supportive despite record length and the crash of equity markets.

Oil drillers and producers continue to increase oil rigs with WTI over $65. U.S. Oil drilling rigs rose 6 to 765 and Canada added 14 rigs to 234 in the past week General Electric Co’s Baker Hughes reported.

Another large natural gas draw expected following another volatile Natural Gas Futures expiration. Volatility continues with weather model conflicts.

Rising crude production and rig counts coupled with growing gasoline supply overhangs oil prices. Support from the wilting US dollar is being burdened by record length in equity and commodity markets.

Oil drillers and producers have responded as expected to WTI over $65. Oil service firms $HAL and $SLB all reported robust North American activity as did $GE.  U.S. Oil drilling rigs rose 12 to 759 in the past week General Electric Co’s Baker Hughes reported.

Another large natural gas draw in a week that saw Natural Gas Futures halted the first time since 2014. Heading into expiration volatility is omnipresent with each weather model scrutinized.

The US dollar continues to sell off in 2018 supporting commodity prices including oil and feeding the record length in equity and commodity markets. Oil spec positions continue to build in record length v commercial shorts ahead of this weeks EIA Inventory report.

Drilling rigs continued to rise in North America with Canada adding 49 of the 46 rig increase. The US taking off 5 oil rigs as oil prices remain bid amongst extreme cold weather.

2018 has seen record length in equity and commodity markets as the US dollar continues its slide. Oil spec positions continue to build in record length v commercial shorts ahead of this weeks EIA Inventory report.

Last week we saw the largest natural gas draw ever matching the coldest temperatures ever in some areas. We expect another huge draw this week from the EIA's weekly natural gas storage report.

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