Total rig count vs 978 last week
- Oil rigs increased for the 6th straight week (but just barely)
- Oil rigs 800 vs 799 last week
- Gas rigs 181 vs 179 last week
- Total rigs 981 vs 978 last week
The price of WTI crude is down a touch after the data. The price this week peaked on Monday and stepped lower. The price moved below the 100 and 200 hour MA and trades around the 50% of the move up from the February 9th low at $61.15.
Stay below the MAs is more bearish for crude.