WTI Crude Slides Despite Significant Rig Count Decline

The U.S. total rig count dropped 18 to 619 in the last week with a drop of 12 in oil rigs (to 498) as the ongoing lagged drop of crude drives rig counts every lower. Perhaps oddly, given the rig count decline, WTI is tumbling as a 12 rig drop is clearly not enough...

• *U.S. TOTAL RIG COUNT DOWN 18 TO 619 , BAKER HUGHES SAYS
• *U.S. OIL RIG COUNT DOWN 12 TO 498, BAKER HUGHES SAYS

The trend continues...

(Click on image to enlarge)

And it appears the market wanted more rig count declines...

Charts: Bloomberg