US oil rig count tumbled almost 6% YoY - its biggest annual drop in 15 months. However, the 13% collapse in the last 8 weeks is accelerating faster than the 2001 and 2008 crisis and has dropped rig count to its lowest since October 2010. At the same time production is surging - in fact at its highest pace on record... the game of chicken continues.
Rig count is collapsing
As WSJ shows below, extraction is surging as drilling plunges...
