Weekly oil and gas drilling data from Baker Hughes
- 20th consecutive increases
- Total rig count 916 vs 908 last week
- Oil rigs 733 vs 722 last
- Gas rigs 182 vs 185 last
Total rigs and oil rigs were higher, but gas rigs did dip to 182 from 185 last week.
The climb in drilling rigs has now increased for 20 consecutive weeks.
The chart below is the fall and rise from the peak. Oil rigs are well off the low, but well off the highs as well.
Crude oil is trading down -$0.56 to $47.80 today, but it is off the lows at $46.74. Yesterday, the price high in crude stalled just ahead of the 100 hour MA (blue line in the chart below). Today the price moved below the 50% retracement level at $47.88 on the way to the 61.8% at $46.91. The current price is trading above and below that 50% midpoint level.
