Following last week's unchanged oil rig count – breaking a 21-week streak of declines – as the rig count inflected perfectly with lagged oil prices. However, despite a rise in lagged oil prices, the oil rig count declined 2 to 316 this week – new lows since Oct 2009. Total rig count dropped to 404 – a new record low. Crude traders appear to have left for the day as there was no visible reaction to this data.
- *U.S. OIL RIG COUNT FALLS 2 TO 316, BAKER HUGHES SAYS
- *U.S. TOTAL RIG COUNT 404 , BAKER HUGHES SAYS
Is production about to slump?
Charts: Bloomberg
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