US Rig Count Drops For Record 19th Week In A Row

Rig counts fell for a record 19th week in a row. Total rigs dropped 34 to 954 and oil rigs dropped 26 to 374. This means the total rig count drop is now greater than 50% - the fastest drop since 1986.


Crude prices had slid into the rig count announcement and popped afterwards.


This is a record 19th week of consecutive rig count declines...


Leaving the total rig count decline now over 50% - the most since 1986...


Charts: Bloomberg


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