Baker Hughes US oil rig count 591 vs. 596 last week

News
  • Oil rigs 591 vs. 596 last week
  • Gas rigs 166 vs. 162 last week
  • total rigs 759 vs. 760 last week
  • prior week

Crude oil is trading at $87 ahead of the report.

This week the supply data showed a bigger than expected build for crude oil of 8844K vs. estimates of a draw of -250K. Gasoline stocks showed a build of 333K vs. a draw of -1667K estimate.

The price of crude reached a low of $81.18 yesterday, but is up strongly today and extended back above its 100 hour moving average currently at $85.43. The 200 hour moving average comes in at $87.67. The last time the price traded above its 200 hour moving average was back on August 30. The 38.2% retracement of the move down from the August 30 high comes in at $87.47.

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