Here comes the Baker Hughes rig count ...
The oil rig count has fluctuated in the last few weeks. It rose by the most in six months two weeks ago as crude oil prices above $50 per barrel encouraged some producers to bring rigs online.
The tally rose last week for a second straight period, by 10 to 351, and gas rigs fell by 1 to 88, taking the total up 9 to 440.
This is nothing close to a meaningful rebound, however. Goldman Sachs commodities researchers estimate that US production would be lower by 760,000 barrels per day year-on-year in Q4, assuming output stays at the current level.
More to come ...