The Brent oil price cracked lower Friday night settling at $45.66. Henry Hub gas went the other way at $2.77mmBtu:
Hitting oil was the US rig count which is now off to the races up 14 to 371:
Advertisement
It appears rigs will keep climbing perhaps all the way down to $40, which is where we’re headed and lower. The world is not ready for more US oil, indeed the recovery is a year early on my numbers: