Oil Shrugs As US Total Rig Count Continues Crash To Record Lows

Oil Shrugs As US Total Rig Count Continues Crash To Record Lows

Tyler Durden’s pictureSubmitted by Tyler Durden on 05/06/2016 13:08 -0400
http://www.zerohedge.com/news/2016-05-06/oil-shrugs-us-total-rig-count-continues-crash-record-lows

WTI crude prices are unimpresed at the rig count data today (after spiking off the dismal jobs data). Total rig count fell 5 to 415 – a new record low while oil rigs fell 4 to 328, tracking lagged oil prices to their nadir.

19th weekly decline of the 20 weeks in 2016… will it change as laged oil prices pick up?

With the total count continuing to crash to new record lows…

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