While the US oil rig count has gone nowhere for the last 9 weeks (down 4 to 759 this week and with last week’s drop the largest in 7 months), US crude production continues to rise, now at its highest since July 2015.

The US oil rig count continues to track the lagged WTI almost perfectly. This is the biggest 2-week rig count drop since May 2016.

Despite stabilization in rig counts, US crude production continues to trend higher, jumping to its highest since July 2015 last week…

Of course, price action has been dominated by Hurricane Harvey headlines…