Here comes the Baker Hughes rig count ...
The latest data on oil and gas rigs in use is set for release from oil driller Baker Hughes at 1:00 pm ET.
Last week, the number of oil rigs in use in the US fell by 94 to 1,223. This is down from a peak of 1,609 hit in October 2014. The total number of oil and gas rigs in use in the US fell by 90 last week to 1,543.
As the price of oil has cratered, so have the number of oil rigs in use. But in its most recent earnings announcement, Baker Hughes - which also said it would cut 7,000 jobs - said that in past downturns in oil prices, the number of rigs in use have fallen by 40%-60%.
The current drop is about 25% from peak to trough.
Here's the drop in oil rigs in use as of the week ended January 23.
We'll be back with the updated numbers and charts when they hit.
