Crude Crashes To Cycle Lows After Oil Rig Count Surges

Writer at ZeroHedge • Dec 20, 2015 at 4:21 AM EST

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.

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

Copyright ©2009-2015 ZeroHedge.com/ABC Media, LTD; All Rights Reserved. Zero Hedge is intended for Mature Audiences. Familiarize yourself with our legal and use policies every time you engage the site: they're updated constantly without notice. Visit www.zerohedge.com.