Baker Hughes rig count data for 27 March, 2015:
- Prior reading was 1069
- Rigs fall by 21
- Prior decline was 56
- Rotary oil rigs -12 to 813
- Rotary gas rigs -9 to 233
Not as large as a decline as recently, which is bullish for crude on the kneejerk but it's not hitting the market right away.
It's important to keep in mind that production is still rising as it takes time for wells to deplete.
