US Rig Count Continues To Crash

The total US rig count declined yet again this week, down 9 to 406 - a new record low. The last four times rig counts collapsed anything like this, the US economy was in recession.

 

Oil rigs dropped 10 to a new cycle low at 318, but appear near a turning point if lagged oil prices remain any indication...

 

Or is US production about to fall off a cliff?