Crude prices had been sliding ahead of today's Baker Hughes rig count data but the slide stalled as the total rig count fell 9 to 431 - a new low (from over 2000 rigs at the cyclical peak). As the oil rig count continues to perfectly track lagged oil prices, we note that this week's 8 rig decline to a fresh cycle low of 343 could be the low. This year has still only seen one week in which rig counts did not decline.
*U.S. OIL RIG COUNT DOWN 8 TO 343, BAKER HUGHES SAYS
(Click on image to enlarge)
Is this the low for the oil rig count, for now?
*U.S. TOTAL RIG COUNT 431 , BAKER HUGHES SAYS
(Click on image to enlarge)
New record lows.
Charts: Bloomberg
Comments
Log in or sign up to join the conversation.