US drilling rig number for oil and natural gas from Baker hughes

  • Oil rig count up 2 to 418 from 416 last week
  • Natural gas rig count up 3 to 92 from 89
  • Total rigs up to 511 from 506 prior

The oil rig count is the highest level since Feb 19 2016

The low water mark was down at 316 (on May 27, 2016). So from the low we are up 102 rigs. It is a step in the positive direction, but compared to the boom from 2010 to 2014 when the rigs went from near current levels to 1600, we are no where near that oil rush (see chart below).