Last week at 862
The price of crude oil was trading at $64.88 just prior to the release
The oil rig count was up 1 for the week. That is the 11th week where the rig was the same or higher and the 4th straight week of gains. However, the rise was less than the expectation of 864 and the rises over the last 4 weeks have been 2, 1, 1, and 1. So momentum is slow.
- Gas rigs were lower by -4 in the current week (to 194 from 198 last)
- Total rigs fell to 1059 from 1062. The first decline after 10 straight increases.
The price of Crude oil is currently trading at $64.89, little changed from the pre-release level. It is still lower by -$2.00 or -2.99% on the day.
