Baker Hughes oil rig counts fall -15 to 555 in the current week


  • The weekly Baker Hughes rig count
Greg Michalowski

  • Oil rigs -15 to 555
  • Gas rigs unchanged at 137
  • Total rigs -15 to 696

The levels of rigs have continued to trend lower. Looking back toward the beginning of the year, the rig count on January 13 showed:

  • Oil rigs: 623. Down 68
  • Gas rigs: 150. Down 13
  • Total rigs: 775

The price of WTI crude oil is currently trading up $1.35 at $71.45. The price closed the year at $80.26. So despite the fall in rig count, the price is also lower by -10.9%. It is a supply-and-demand thing. The sluggish growth in China is contributing.

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