Baker Hughes rig count March 6, 2015

  • Lowest since April 2011
  • Prior reading was 1267
  • That's a drop of 75 rigs
  • There was a drop of 43 rigs in the prior report
  • The average drop over the past six wees was 66 rigs
  • US rigs down 64 to 922

It's bullish for crude and prices initially rose 40-cents to $49.90. The conundrum of this report is that even with drilling rigs falling, production continues to rise.