The latest rig count data from oil driller Baker Hughes is set for release at 1:00 pm ET.
Last week, the number of US oil rigs in use fell by 11 to 802, the lowest since March 4, 2011. Since hitting a peak of 1,609 back in October 2014, the number of US oil rigs in use is down by about 50%.
The combined number of oil and gas rigs in use fell by 20 last week to 1,028, the lowest combined total since October 2009.
In its January earnings report, Baker Hughes said that during past oil downturns the number of rigs in use has declined by 40%-60%.
We’ll be back with the latest numbers when they hit.
Here’s the most recent chart of the rig count decline, which will be update as soon as latest data drops.