Baker Hughes rig counts continue to him him. fall sharply
- Baker Hughes oil rigs 292 versus 325 last week
- gas rigs 80 versus 81 last week. Estimate 71.
- total rigs 374 versus 408 last week. Estimate 388
The number of oil rig counts continues its sharp decline.
The oil rig counts are now below the 2016 lows of 316. The financial crisis low of 180 is still a ways away but getting closer.
The price of WTI crude oil futures are currently up $0.34 1.44% at $23.89. That is down from a high of $24.99. The low for the day reached $23.26.
For the July contract it is currently up $0.60 or 2.38% at $25.43. It's high price reached $26.29. The low extended to $24.73.
