It’s Friday, and just after 1:00 p.m. ET, oil driller Baker Hughes will release the latest weekly count of US oil and gas rigs.
Last week, the oil rig count rose by 6 to 670, and it was the third straight period of a climb.
Crude oil prices cratered this week and touched six-year lows. On Friday, West Texas Intermediate crude oil in New York was slightly higher near $US42.63 per barrel, after falling to a low of $US41.46.
That price is about 30% down from $US60 per barrel, the level around which Goldman Sachs analysts said producers have the right cost, funding, and revenue mix to ramp up production.
Earlier, we noted comment from Societe Generale’s Kit Juckes, indicating that oil prices may have to fall even lower if the industry is to figure out how to deal with oversupply and weak demand.
We’ll be back with the latest rig count data once they cross. Here’s the most recent chart: