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Lower 48 Production Nears Cycle Highs As Rig Count Rises For 18th Straight Week

While much was made of this week's drop in US crude production, it was driven by an Alaskan supply drop, not the Lower 48 whose production is at Aug 2015 highs. WTI back above $50 on the back of more OPEC jawboning appears to have everyone convinced this time is different, but for the 18th week in a row US oil rig counts rose (by 8 to 720). *U.S. OIL RIG COUNT +8 TO 720 , BAKER HUGHES SAYS :BHI US *U.S. GAS RIG COUNT 180 , BAKER HUGHES SAYS :BHI US The 18th weekly oil rig count

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