With crude soaring despite DOE showing inventories surging, production up for the 7th week in a row, and demand plummeting, Baker Hughes oil rig count dropped 5 more to 510 this week – the lowest since April 2010 (after a de minimis 1 rig drop last week). Crude had ripped higher into this print but was thoroughly unimpressed in its unchangedness.
The lagged crude price suggests rig count declines are about to accelerate…
Charts: Bloomberg
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