Baker Hughes US oil and gas drilling rig data April 24:

  • Prior 954
  • -32 this week vs -34 last week
  • Oil rigs -31 vs -32 last week
  • Oil rigs fell 32 last week and gas rigs were down 2

Another large drop in oil rigs, which is bullish for oil. The market fell in love with this report for a few weeks but it has fallen back out of love with it. No reaction in oil.