Total rig count 936 vs 939 last week

The weekly Baker Hughes rig count data is out. There is a dip in the oil and total rigs. Gas rigs moved higher.

  • Oil rigs came in lower at 747 vs 752 last week
  • Gas rigs rose to 189 vs 187 last week
  • Total rigs were lower at 936 vs 939.

If you recall, last week the total rigs increased by a larger than normal 15 rigs. This week, there is a bit of a retracement.

Crude oil futures today are trading down $0.58 or -0.85% at $63.34. The high reached $63.77 today. The low reached $62.85. We trade mid-range.

The high rig count in 2017 reached 958 in September.