For the 8th week in a row (something that hasn’t happened since June 2009), US total rig count plunged. This week’s 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 – lowest since Jan 2013). The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly.