OIl up 12. Gas up 1
The weekly rig count from Baker Hughes shows that the recounts advanced by 13 in the current week, with oil of 12 and gas up one.
The march higher continues the trend from the mid year lows but the number of rigs still stands well below the August 2015 most recent high up nearer the 900 level.
Crude oil futures are little changed at him $51.65. THe high for the day is $52.02. While the low is $50.50 today.
Last week - before the non-OPEC meeting - Crude oil futures closed at $51.50. The high extended to $54.51 on Monday, and traded as low as $49.95 yesterday. With the price at $51.65 (well up to $51.79 now), the price is up only $0.29 on the week. For the bulls though, we continue to trade above the 100 and 200 day MA at the $48.15 and $47.87 levels respectively.
