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.