There is the Strait of Hormuz and then there is domestic production. In the current week, the Baker Hughes rig count fell -3 at 545.
Looking at the pieces:
- Oil rigs aree unchanged at 411
- Natural Gas is down -3 at 127.
- Total rigs -3 at 545.
Crude oil is is trading up $0.57 at $98.45. However for the week, the price is down $-13.78 or -12.31%
Looking at the hourly chart, the swing area and falling 100 and 200 hour MAs are providing upside resistance between 101.14 to 103.57. Stay below keeps the sellers in play/control in the short term.
