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How Significant Is a 4% US Crude Oil Rig Count Fall in 3 Weeks?

Is the Fall in the US Rig Count Accelerating?

(Continued from Prior Part)

US crude oil rig count

Baker Hughes (BHI) reported that the weekly US crude oil rig count fell by eight rigs, from 652 to 644, in the week ending September 18. The sharp fall in the three weeks dealt a blow to the turnaround signs that the US oil rig counts were showing. It’s important to note that ~4% of the rigs have been idled in the past three weeks. The US crude oil rig count rose eight times in the past 12 weeks. Amid crude oil price’s continued weakness, a rig count turnaround looks uncertain once again.

The crude oil rig count fell for 29 weeks until the week ending June 26. During that week, the...