US Rig Count Drops For Record 19th Week In A Row

Tyler Durden's picture

Rig counts fell for a record 19th week in a row. Total rigs dropped 34 to 954 and oil rigs dropped 26 to 374. This means the total rig count drop is now greater than 50% - the fastest drop since 1986.

 

Crude prices had slid into the rig count announcement and popped afterwards.

 

This is a record 19th week of consecutive rig count declines...

 

Leaving the total rig count decline now over 50% - the most since 1986...

 

Charts: Bloomberg