Here Comes The Baker Hughes Rig Count ...

The latest active rig count data from oil driller Baker Hughes is set for release at 1:00 pm ET.

Last week, the rig count fell by 27 - to 1,893 from 1,920 the prior week - which was the biggest weekly drop in almost two years. 

But last week's drop was still just a blip when looking at the last 15 years of weekly data.

Earlier today, Bloomberg's Joe Weisenthal tweeted the following chart from Goldman Sachs, showing that though the price of oil has cratered, the decline in rigs in operation isn't yet meaningful. 

It's a quiet Friday ahead of the holidays, but oil is still the biggest story in the market, so we will be back with the live numbers when they hit.