US crude production hits all-time high
October 28, 2024
The Baker Hughes Rig Count has oil rigs down 2 to a total of 480 oil rigs. Last year at this time there were 504 oil rigs in operation and the five-year average is 493. US crude oil production was again at an all-time high just like last week at 13.5million barrels per day.
The energy markets have sold off and this started on Sunday night when the markets opened. It appears that the measured responded by Israel which did not damage any oil production, supplies, or nuclear facilities, so the market is in retreat taking out some of the risk premium that has been built in. There are those that feel like the attack and then a response to that attract between these two adversaries may be done for now. With no oil disruption and still plenty of concerns about demand the energy markets are down as traders take out that risk premium.