Just as T. Boone Pickens warned "watch the rig counts" last week, so the Baker Hughes rig count just collapsed for the 3rd week in a row to 8-month lows. This is the fastest 3-week drop since mid-2009. Crude prices were already weak but the news has flushed WTI to a $52 handle (not seen in the front-month contract since May 2009)

Rig count is tumbling...

Some context for the surge in U.S. rig count...

And while the drop in Canadian rig count sounds impressive - it's the worst since 2009 - it's much more seasonal

WTI Hits A $52 handle!!

And then there's this...