Total rig count 963 vs 967 last week
The Baker Hughes oil rig count came in lower than expectations at 788 vs 790 estimate. it is down from 793 last week.
- Total rigs came in at 963 vs 963 estimate and 967 last month
- Gas rigs came in higher at 174 vs 172 estimate and 173 last week
The price of crude oiil is up $0.54 or 0.96% at $56.82 after the tumble yesterday (over 4% fall yesterday). The DOE inventory showed a -1085K drawdown in inventories vs -3000K estimate. The private data late yesterday, showed a larger -5000K draw.
The high in oil reached $57.12. The low extended to $56.04.
If you are wondering why Baker Hughes is out today? July 4th holiday tomorrow and Baker Hughes is making it a long weekend. The US Labor Department is not so generous as they will release the monthly employment data on Friday at 8:30 AM ET. The estimate is for +164K vs 75K last month. The ADP report earlier today showed a projected gain of 102K.
