Weekly Baker Hughes rig count data
the weekly Baker Hughes rig count data for September 4 is showing:
- oil rigs 181 vs. 180 last week. Estimate 179
- gas rigs 72 vs. 72 last week
- total rigs 256 vs. 254 last week. Estimate 252
The oil rig count continues to scrape along near 2009 bottoms.
Take a look at the price of crude oil, it is currently trading down $1.65 at $39.71. That is near the low price of $39.63.
Technically, the price fell below its 50 day moving average yesterday (white line currently at $41.60). The pair had stayed above that moving average line since May 18. The next target comes in at the July 30 low at $39. Below that is its 100 day moving average at $37.55.