Baker Hughes published the latest oil rig count today—and although not surprising, the news that the oil rig count fell for the eighth straight week in a row is not good. U.S. oil rig counts fell by 10 from May 6, 2016, down to 318. Although a 3.0% drop from last week isn’t a huge loss for the U.S. oil industry, when compared to the rig count last year of 660, the 50 percent drop—a new record low—signifies a definitive new oil picture. (Click to enlarge) Source: Zerohedge But the bad news for oil doesn’t stop there. This eight-week free fall may be a harbinger of worse things to come. As zerohedge captured in the graphic below, the oil rig count logically corresponds to the working number of oil rigs—with an 18-month lag. Related: Appreciating Dollar Caps Crude Rally Again (Click to enlarge) Source: Zerohedge What’s […]