Here comes the Baker Hughes rig count...
The latest data on active US oil rigs from oilfield-services giant Baker Hughes will be out at 1 p.m. ET.
Last week, the number of active US oil rigs rose by two to 416. Meanwhile, the tally of gas rigs fell by three to 89, and miscellaneous rigs fell by one, taking the total count down two to 506.
As of the prior Friday, the oil-rig count has climbed in 11 out of the last 12 weeks. That's the longest streak since early 2014 - aka before the oil crash.
Analysts have cited the recent gain in the oil-rig count as one sign that the market may remain oversupplied for a while longer. In a note a few weeks ago, Morgan Stanley's Head of Energy Commodity Research Adam Longson wrote that his team's conviction in a rebalancing by mid-2017 was falling, in part due to the activation of rigs.
Below is the chart from last week's data. Refresh this page for updates at 1 p.m. ET.
