US Rig Count Crashes At Fastest Pace Since 2009 To 14-Month Lows
Just as T.Boone Pickens warned, US Rig Counts are plunging. Down by 61 this week alone – the biggest weekly drop in over 5 years – at 1,750, this is now the lowest since November 2013 (and very close the lowest since 2010). The 10% or so plunge in the last 7 weeks is following the same trajectory as the 2008 collapse – which led to – just as Pickens suggested – a 50% crash in rig counts…
Pickens… “demand is down” – “lower demand is the main driver” – “rig count is gonna fall – drop 500 rigs in next 6-9 months”
This the first rig count drop year-over-year in a year…
Charts: Bloomberg
