Late Friday afternoon saw the Baker Hughes rig count change by -11 or -1%, which sent oil prices soaring making new highs around $57 a barrel. We haven’t seen prices like this since all the way back in 2015. With less rigs pumping oil, basic supply & demand states that the less of something there is, the more it’s worth. Less rigs pumping oil out the ground meant that the value of Crude Oil appreciated.
With prices now at all time highs of 2017, there are a few chances to ride on the back of some profit taking, which is exactly what I did.