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by Mish

Citing Baker Hughes, MarketWatch reports “The previous record US low was at 488 rigs on April 23, 1999. The number of active U.S. oil-drilling rigs fell for a 12th week in a row, down by 6 to 386.”

Bloomberg Econoday reports “The Baker Hughes North American rig count is down 40 in the March 11th week to 578. The U.S. rig count is down 9 at 480 and is down 645 rigs from last year. The Canadian rig count is down 31 rigs from last week to 98 and, compared to last year, is down 122 rigs.”

Rig Counts

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Baker Hughes Rig Counts 1991-Present

Check out the total counts in purple.

Capitulation?

Mike “Mish” Shedlock