Weekly US oil rig data from Baker Hughes

  • Rigs have risen or been flat for 12 weeks
  • Natural gas rigs 88 vs 81 prior
  • Total rigs 497 vs 489 prior

Drilling activity continues to edge higher but the pace has slowed. I don't see this report affecting oil today. WTI has rebounded strongly today, up $1.34 to $44.49, wiping out yesterday's loss.