The latest rig count from oil driller Baker Hughes is set for release at 1:00 pm ET.
Last week, the number of active oil rigs in the US fell by 12 to 813, the smallest decline for the measure in 15 weeks. But at 813, the number of active US oil rigs fell to its lowest level since the week ending March 4, 2011.
Since hitting a peak of 1,609 back in October 2016, the number of active oil rigs is down by about 49%, and Baker Hughes said on its first quarter earnings conference call back in January that during past oil downturns, the number of active rigs has declined by 40%-60%.
The number of combined active gas and oil rigs fell to 1,048 last week.
This week’s report comes on Thursday due to tomorrow’s Good Friday holiday.
Here’s the latest chart showing the decline in oil rigs, and we’ll be back with the live numbers and an updated graph when the numbers cross.