Crude Holds Losses Despite 10th Consecutive Weekly Decline In Rig Count

For the 10th consecutive week, the US oil rig count declined. Dropping 6 to 572 rigs, this is the lowest since June 2010. WTI Crude prices were unmoved by the drop having tumbled earlier after the 'great' payrolls data.

Rigs continue to track almost spookily the 3mo ahead crude price...

Charts: Bloomberg

Comments

[henry chucho]

All that means is that 3 months after the rig count drops to zero,WTI will bottom out at about $20 a barrel,at which point the entire Merikan' energy complex will be non-existent..