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Total U.S. Rig Count Drop Over 50%

Rig counts fell for a record 19th week in a row. Total rigs dropped 34 to 954 and oil rigs dropped 26 to 374. This means the total rig count drop is now greater than 50% - the fastest drop since 1986.

Crude prices had slid into the rig count announcement and popped afterwards.

Related: The Latest Media Attempts To Suppress Oil Prices

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This is a record 19th week of consecutive rig count declines...

Related: Is Saudi Arabia Setting The World Up For Major Oil Price Spike?

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Leaving the total rig count decline now over 50% - the most since 1986...

Related: The Inconvenient Truth About A Green Revolution

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Charts: Bloomberg

By Zerohedge

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