US Baker Hughes rig count total up to 824 from 809. Up 15.

Oil trading at 50.33.  

Total rigs rose by 15 in the current week to 824 from 809. 

Oil rigs contributed +10 of that 15 to 662 vs 652 last week

Gas rigs added 5 to 160 from 155 last week.

It was the 11 straight week with increased oil rigs.  

This has been the best quarter addition since the 2nd quarter of 2011. 

Crude oil is little changed (actually up a few cents) after the report. 

The price this week bottomed at $47.01 on Monday.  The high was reached today at $50.56.  Technically, the price moved back above the 100 and 200 hour MA AND the 38.2% of the move down from the Feb 23rd high at $50.04. 

The 50% of the move lower comes in at $50.97

From early December until March 8th, the price traded in a $50 to $55. Getting above the $50 level is good technical news. Can it stay above?  It also is good for rig counts if the dip below $50 is just a temporary one. 

US Baker Hughes rig count total up to 824 from 809. Up 15.
US Baker Hughes rig count total up to 824 from 809. Up 15.
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