Crude Crashes To Cycle Lows After Oil Rig Count Surges

WTI crude has collapsed to cycle lows after the US oil rig count surged by 17, the largest jump in 5 months. The total rig count was unchanged as the surge in oil rigs was perfectly countered by the collapse in natural gas rigs.

  • *U.S. GAS RIG COUNT DOWN 17 TO 168 , BAKER HUGHES SAYS
  • *U.S. OIL RIG COUNT UP 17 TO 541 , BAKER HUGHES SAYS

The oil rig count continues to track the lagged oil price...

 

And that has sent Jan WTI (expires Monday) to fresh cycle lows...

 

Charts: Bloomberg