RE:wti and brent up 5%
"West Texas Intermediate oil futures rose more than $1 on Monday, amid speculation an ongoing collapse in rigs drilling for oil in the U.S. will result in lower production."
I was speaking with a small welding shop owner and supplier to the oil industry (at a church service) on Sunday. He has never seen his contracts dry up so quickly and claims that he has lost 95% of his business within the last couple of months. I bet he was praying for a turn-around in WTI. He's a young guy and this is probably the first oil cycle bust he has ever experienced. I think I was able to cheer him up by saying that, just as fast as these contracts disappeared they will reappear if/when WTI recovers. The swiftness of this collapse in # of rigs has been brutal in the industry and will translate into lower production in time.