According to Baker Hughes, U.S. oil rig counts declined to a ten year low level as of the week ending May 15^th. May 15^th week ending oil rig counts declined 11.6% from the previous week while finishing 67.8% lower on a YOY basis and 70.9% below the three and a half year high levels experienced during November of 2018. May 15^th Oil Rig Counts Declined to a Ten Year Low Level May 15^th Oil Rig Counts Declined 11.6% Week-Over-Week, Finishing 67.8% Lower YOY Recent Percentage Declines in Oil Rig Counts Were the Largest in the Past 14 Years