Total rigs down -3 on the week
The weekly rig count from Baker Hughes is out for the week of November 22:
- Total rigs, 803 versus 799 estimate and 806 last week
- Oil rigs, 671 versus 669 estimate and 674 last week
- Gas rigs, 129 versus 128 estimate and 129 last week
The price of crude oil is currently trading at $57.94. That is up about $0.08 from the prerelease price.
The oil rig data is the lowest since the end of May 2017. The oil rig data has been moving to the downside since peaking at 888 in November 2018.
