Total US Rig Count dropped 6 this week to 857 - the lows of the cycle - after 3 weeks of very modest rises. Oil rig count also declined, after 2 weeks of increases, by 7 to 638. The initial move in prices was higher (as for now we are in topsy-turvy land for crude) but that is starting to fade.
- *U.S. TOTAL RIG COUNT DOWN 6 TO 857 , BAKER HUGHES SAYS
- *U.S. OIL RIG COUNT DOWN 7 TO 638, BAKER HUGHES SAYS
Rig count continues to track lagged crude perfectly...
[3]
Crude prices extended their gains immediately after but are fading back now...
[4]
Charts: Bloomberg
