Just as T. Boone Pickens warned “watch the rig counts” last week,
so the Baker Hughes rig count just collapsed for the 3rd week in a row
to 8-month lows. This is the fastest 3-week drop since mid-2009. Crude
prices were already weak but the news has flushed WTI to a $52 handle
(not seen in the front-month contract since May 2009)
Rig count is tumbling…
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