Here comes the Baker Hughes rig count ...

The latest US rig count data is set for release at around 1 pm ET from oil driller Baker Hughes.

Last week, the number of oil rigs in use declined by 56 to 866, the lowest level since March 2011.

Since hitting a peak of 1,609 in late October, the number of oil rigs is use is down about 47%.

In previous downturns in the price of oil, the number of oil rigs in use has declined by around 40%-60%, according to comments made by Baker Hughes on its first quarter earnings conference call.

And while the market has been looking at the decline in rig count, the bigger story in the oil market may be quickly dwindling amount of storage for the oil that US producers continue to pump out.

Here’s the latest chart of the decline in rig count, which will be updated as soon as the numbers cross.

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