The Traderszone Network

Published in TZ Latest News 12 December, 2014 by The TZ Newswire Staff

US Oil Rig Count Tumbles Most In 2 Years

We warned just a week ago that the lag between initial price declines in oil and the closure of rigs was between 4 and 6 months and just as we warned of the deja-vu all over again, Banker Hughes reports that the Rig Count this week dropped the most since March 2013 (oil rigs dropped 29 to 1546 – biggest weekly drop in 2 years). The biggest drop was seen in the Permian Basin (down 20 to 548). Of course, it’s being ignored for now, just as it was in 2008…

 

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