All You Can Do Is Laugh

All you can do is laugh…

U.S. TOTAL RIG COUNT 754 , BAKER HUGHES SAYS :BHI US
U.S. OIL RIG COUNT UP 5 TO 602 , BAKER HUGHES SAYS :BHI US
U.S. GAS RIG COUNT 151 , BAKER HUGHES SAYS :BHI US

lol
U.S. OIL RIG COUNT TOPS 600 FOR FIRST TIME SINCE OCTOBER 2015

— Heisenberg Report (@heisenbergrpt) February 24, 2017

And then we get this today from Barclays:

Next year, we expect more supply from non-OPEC countries continuing to ride the wave of a long period of high prices from prior to 2014, as well as a surge in supply from OPEC countries that have held back output early this year

Somehow from that, the bank derives a still bullish (not to mention above consensus and above the futs curve) outlook:

In line with these changes, we revise downward our Brent price forecast for 2018 from $77 to $67 but remain bullish on oil prices for this year.

Cliffs Notes version: