Just as T.Boone Pickens warned, [2] US Rig Counts are plunging. Down by 61 this week alone - the biggest weekly drop in over 5 years - at 1,750, this is now the lowest since November 2013 (and very close the lowest since 2010). The 10% or so plunge in the last 7 weeks is following the same trajectory as the 2008 collapse - which led to - just as Pickens suggested - a 50% crash in rig counts... [2]
[3]
Pickens... [2] "demand is down" - "lower demand is the main driver" - "rig count is gonna fall - drop 500 rigs in next 6-9 months"
This the first rig count drop year-over-year in a year...
[4]
Charts: Bloomberg
