We Have Raised Our Oil Target To $55 By July 4th (Video)

|
Includes: BNO, DBO, DIG, DNO, DRIP, DTO, DWTI, GUSH, IEO, NDP, OIL, OLEM, OLO, PXE, SCO, SZO, UCO, USL, USO, UWTI, XOP
by: EconMatters

Declining U.S. Production, the Massive drop in RIG Counts, and robust Demand Growth for 2016 are all bullish fundamentals for the Oil Market heading into the Seasonally Strong part of the Demand Curve from a consumption standpoint.

Click to enlarge

Click to enlarge

Click to enlarge

Click to enlarge

Click to enlarge

Rig Count Overview & Summary Count

Area Last Count Count Change from Prior Count Date of Prior Count Change from Last Year Date of Last Year's Count
U.S. 22 April 2016 431 -9 15 April 2016 -501 24 April 2015
Canada 22 April 2016 40 0 15 April 2016 -39 24 April 2015
International March 2016 985 -33 February 2016 -266 March 2015
Click to enlarge
Click to enlarge

Source: Baker Hughes