"Drillers Are In Denial" Brynjolfsson Warns Crude Bounce Is "One More Head-Fake"

Via Armored Wolf's Jon Brynolfsson,
The last day of January saw a substantial rally in Crude. Ostensibly, the trigger for this was a notable drop in the Baker Hughes rig count.
I don’t buy it. I think Fridays 3% uptick in crude prices will be one more head-fake, a false breakout.




and as we noted earlier, rig count and production are quite different...(more)
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