Baker Hughes rig count continues to tumble
- Oil rig counts 258 vs. 292 last week and 277 expected
- Gas rig count 79 vs. 80 last week. Estimate 65
- Total rig count 339 vs. 374 last week
WTI crude oil futures is trading at $29.21 up $1.33 or 4.77% on the day (July delivery).
Oil rigs are at the lowest level since July 2009. The low from 2009 came in at 180. The number of oil rigs are getting close to that level.
