Total rig count 933 vs 927 last week. Crude oil trades at $44.67.
The Baker Hughes rig counts continues to move in the positive direction. This week is the 22nd consecutive increase for total rigs and gas rigs.
- Oil rigs 747 vs 741 last.
- Gas rigs 186 vs 185 last
- Total rigs 933 vs 927 last.
The increase this week is slow. These things don't change on a dime. Decisions to drill a rig are not contigent so much on the spot price of crude oil. Nevertheless, as the price of oil goes down, it does make the decision to drill, drill, drill, become more cautious.
The price of crude oil is little changed from pre-report levels.
