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.
