At the top of the hour, oil services company Baker Hughes releases its count of all oil rigs drilling/operating in the United States for the past week. It’s a data point that’s been on my calendar for seven years and today, it finally pays off because it might matter.

It’s early for US producers to cut supply but even a small dip (say, -15) from last week’s number of 1920 might get people thinking that there are some production shutdowns because of price. That might spark some oil buying.

baker hughes

baker hughes rig count