Oil and gas drilling rig data from Baker Hughes
- Total rigs down by 9
- Last week total rigs fell by 7
- Oil rigs down 7 this week
- Last week oil rigs fell by 4
The pace of oil rigs has nearly leveled off after dramatic falls from January through April. The EIA was out with a report earlier this week forecasting that US production will once again begin to rise around this time next year. They also said US output had been more resilient to lower prices than anticipated.
WTI crude has been choppy in a $59.80 to $60.50 range since the start of European trading. This week's acceleration in rig declines is modestly bullish and prices have ticked up to $60.31 from $60.12.
