Last week came in at 396

Last week the Baker Hughes rig counts rose from 381 to 396. That was a pretty good relative jump.

The rig counts bottomed at 316 in the week of May 27th. That's the good news. The bad news is the decline dwarf the gains (see chart below).

Crude oil is trading at $48.20. The high was $48.76. The low is $47.91. That is a relatively narrow trading range.