With crude production and inventories hitting record highs last week, it is likely no surprise that rig counts continued to decline - falling 40 to 988 total rigs  (and down 42 to 760 oil rigs). This is the 18th week in a row of total rig count declines - equal to the record series from 2008/9. At 48.5%, this is the biggest 18-week decline since 1986.

• *U.S. TOTAL RIG COUNT DOWN 40 TO 988 , BAKER HUGHES SAYS
• *U.S. OIL RIG COUNT DOWN 42 TO 760, BAKER HUGHES SAYS
• Notably Arkansas and Kansas saw rig counts increase (8 to 9 and 12 to 13 respectively)

The weekly pace of decline has accelerated...

This is the biggest 18-week plunge since 1986...

And Production re-accelerates (US and Saudi oil production record high, Iraq and Libya also boosted production in March) even as rig count collapses...

And Crude's initial response...Nothing

Charts: Bloomberg