With US crude production starting to drop, the lagged plunge in oil rig counts appears to be having some effect. Baker Hughes reports that the number of US oil rigs dropped 10 to 362 (14th weekly drop of last 15), the lowest since Nov 2009. The total rig count tumbled 14 to 450, fresh record 41-year lows. Crude was leaking lower into the data and rose modestly after.
- BHI: Baker Hughes reports U.S. rig count down 14 to 450 rigs
- *U.S. OIL RIG COUNT FALLS 10 TO 362, BAKER HUGHES SAYS
And the total rig count collapsed to fresh record lows...
Is US production about to cliff dive?
The crude reaction was very muted after heading lower all morning.