US oil rigs operating for the week ending Dec 12:

  • Prior was 1920
  • Lowest since Aug 8
Baker huges lowest since Aug 8

Baker Hughes lowest since Aug 8

The lower rig count could be seasonal or maintenance, but it’s also a sign of lower supply and that’s a tiny slice of good news for crude. There was a little bounce in crude after the data but this news isn’t going to turn around the oil market.