Total Rigs 709 vs 737
The Baker Hughes oil rig count fell to 524 from 545 in the current rig
The total rig counts came in at 709 vs 737 last week
Gas rigs fell to 185 from 192 last week
Crude oil futures were trading at $35.70 just before report was released. The decline rigs, did not lead to any rally in the price of oil. In fact the price of crude oil has moved to 35.61 currently since the report.
Since August 28, the rig count has declined from 675 to 524. That is a 23% decline. The price of oil last peaked on August 31 at $51.63. At 35.61 that is a 31% price decline.
