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 rig count
