Total rig 978 vs 975 last week.
The Baker Hughes oil rig count added rigs for the 5th straight week.
- Oil rigs 799 vs 798 last week
- Gas rigs 179 vs 177 last week
- Total rigs 978 vs 975 last week
The price of oil based yesterday at the 200 hour MA and raced above the 100 hour MA (blue line) after the inventory data yesterday. Today, the price moved above the 61.8% of the move down from the Jan 26 high at 63.38. The current price is right around that level. There is a topside trend line at $64.04 currently (see chart below).
The rig data is not as great as the last few weeks, but the production in the US is increasing and the higher price of oil (the low price in oil did reach down near $42) is making it more profitable.
