- Prior 411
- Total rig count 536 vs 538 prior
- Gas rigs 119 vs 122 prior
This is not a market moving indicator as it’s very lagging. Oil rigs count is of course correlated to oil prices. When oil prices trend upwards, oil rigs count increases, and when oil prices trend downwards, oil rigs count decreases.
In the picture below, you can see that oil prices LEAD oil rigs count.
This article was written by Giuseppe Dellamotta at investinglive.com.
