For the 8th week in a row (something that hasn't happened since June 2009), US total rig count plunged. This week's 90 rig drop to 1543 is the largest so far (with oil rigs down 94 to 1223 - lowest since Jan 2013).  The total rig count is now down 20% in the last 8 weeks to the lowest since June 2010 as it tracks the 4-month lagged oil price perfectly. This is the 2nd biggest 8-week drop in 22 years. This - rather unsurprisingly - has led Chevron (CVX) to decide to cut 23% of its Pennsylvania workforce "due to activity levels."Not 'unambiguously positive' as so many in the central planning bureaus would have everyone believe.

The Rig Count continues to plunge along with lagged oil prices...

Obviously for oil prices to eventutally stabilize, production will have to slow and rig counts plunge further.. and so will jobs...

• *CHEVRON TO CUT 23% OF PENNSYLVANIA WORKFORCE AMID CRUDE SLUMP
• *CHEVRON JOB CUTS STEM FROM LOWER-THAN-EXPECTED ACTIVITY LEVELS