Permian Panic Continues As Rig Counts Rise Amid Record Glut In Crude

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zerohedge.com / by Tyler Durden / Feb 17, 2017 1:03 PM

With a record glut of crude and gasoline, US crude production pushed to new cycle highs this week and continues to track lagged rig counts.

US crude inventories are at a new record high…

And so are Gasoline inventories…

And the rig ccount keeps rising with lagged oil prices…

Production keeps rising, and has a long way to go to catch up to the lagged rig count…

And the oil algo idiocy from DOE data has been erased with RBOB back below $1.50…

The surge in rigs has been driven almost 100% in the Permian, but as OilPrice.com’s Nick Cunningham asks, how much longer that the Permian craze continue?

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