Baker Hughes Rig Count Down to 497
February 19, 2024
Energy Markets are closed today for Presidents’ Day so there are no forward contracts available.
The Baker Hughes Rig Count Report had oil rigs down 2 to a total of 497 oil rigs. Last year at this time there were 607 oil rigs in operation. The decline of two rigs was the first move as oil rigs held steady for three weeks at 499.
The energy markets continue to react near term to any news and have not clear direction or trend. The congestion continues but seasonally this is the time of year when the market typically begins some type of seasonal move higher as demand picks up. As is normally the case there is tons of uncertainty around these energy markets. But if demand does pick up as we head towards spring the inventories levels are such that basis values and the flat price will be supported.