you are making things up as you go, still?
especially the guidance (if any)
How would SA December cutting cut in production catch the US off-guard? Wouldn't such a cut result in higher prices benefiting oil producers? Do you think the US producers would sit on their hands in the face of higher producer prices and not bring back more rigs?
P.S.: This page is for Rotary Rig Counts The North American rig count is released weekly at noon central time on the last day of the work week. The international rig count is released on the fifth working day of each month.
1) Go to bakerhughesDOTcomBACKSLASHrig-count (insert dot, insert backslash no spaces between any of the components). This will take you to the main page.
2) Scroll down to the bottom of the page and you will see 4 blue-highlighted menu items...the 10/23 figures are among these menu items.
US - 787 - Zero change from 10/16/15
Canada - 190 - Up 9 from 10/16/15
International - 1140 - Up 3 from August 2015
4) On shore, off-shore, etc. details are all broken down and included under the menu items.
While you may be entitled to a positive day because you've been incorrectly pounding the table so long in favor of increased oil prices, I'd be careful about gloating today (as you are)...you see, there is the matter of the massive El Nino keeping weather warmer, thus reducing the need for heat, and once Congress approves the Deal today viz the budget, US oil sales will ensue, and once Iran comes on stream, well -- oh, well,... you know.
I suggest you take advantage of today's technical gift you have been given, but that's only a suggestion, not a recommendation.
or is it a ridiculous over-reaction in view of the material build reported by the EIA?
Janet Yellen appears to be little more than the lacky of the Obama Administration:
Having virtually promised there would be rate hike this year, she has failed and there is absolutely no use for the Fed now because rates have been falsely held low based on the emergency situation in 2008, but the Fed and Administration cannot point to any emergency at present -- only the fact that it is an election year coming up and that they are being bullied by the present Administration as well as being bullied by the unreasonable prognostications and actions of the likes of the IMF and the EC (Britain is just waiting for the US ) to raise).
The Fed's conduct has been dispicable -- with each Governor out floating their individual points of view...This organization has outlived the usefulness for which it was created and needs to be dissolved either in favor of a less political entity (the Fed was supposed to be independent but who are they kidding)...or in favor of nothing because this entity is fraught with conflicts of interest viz the American people.
Just a humble opinion.
they may sell even more: look up the news in bloomberg and/or reuters
"why do you keep buying....."
1) Because he's stupid?
2) Because he's a sucker?
3) Because he's a paid tout (remunerated directly or indirectly).
I vote for #3.
P.S.: You didn't even bother to put your post in quote marks, much less give any attribution....I hope you don't get sued.
Bruce: You must learn to post the attribution (i.e., give full credit to whom actually wrote what you made appear that you wrote, and give full credit to the publisher, etc.).
Without the proper attribution you risk being sued -- it's that simple. That's why there are copyright laws -- someone worked hard to write what you appear to take credit for and for which you only gave a wholly inadequate head nod to the fact that you are NOT the author.
shame on you.