Just as T. Boone Pickens warned "watch the rig counts" last week [3], so the Baker Hughes rig countjust collapsed for the 3rd week in a row to 8-month lows. This is the fastest 3-week drop since mid-2009. Crude prices were already weak but the news has flushed WTI to a $52 handle (not seen in the front-month contract since May 2009)
Rig count is tumbling...
[4]
Some context for the surge in US rig count...
[5]
And while the drop in Canadian rig count sounds impressive - it's the worst since 2009 - it's much more seasonal
[6]
WTI Hits A $52 handle!!
[7]
And then there's this...
[8]
Charts: bloomberg
