Baker Hughes rig count data February 20, 2015

  • Prior reading was 1358
  • Drop of 48; the average drop in rigs over the previous 6 weeks was 75.5
  • WTI crude traded at $51.60 just before the data and fell to $51.13 afterwards

The data is likely a bit bearish for crude as it's not as swift a decline in production as we've seen lately. But whipsaws are common lately.