Baker Hughes oil rig count
- Oil rigs up for the 2nd week in a row to 793 from 789 last week.. The estimate was 785
- Gas rigs 173 versus 177 last week. The estimate was 175.
- Total rigs 967 versus 967 last week. The estimate was for 960.
Oil rigs fall in June for the 7th straight monthly drop.
Crude oil is trading at $59.24, down $.19 or -0.32%
Looking at the hourly chart of the crude oil contract, the high reached $59.93. That was just above the May 30 swing high at $59.70 (today the contract moved to $59.80 and backed off). On the downside, the 100 hour MA is rising toward the price and is currently at $58.67.
For the rest of the day and into next week, the trade will be either extend above the $60 level OR, the price moves below the 100 hour MAA at $58.67. Between those two levels, the buyers and sellers are battling it out.
