Baker Hughes rig count follow-up; the amount of oil rigs in use in the U.S. just rose for the first time in six months, oil prices sell off
• U.S. oil rigs in use rose for the first time in six months (since December 5, 2014)
• As noted at 13:05, total oil rigs in use rose by 12, while gas rigs were down 9, for a net change of plus 3 for total rigs
• Before we get too excited, we just want to note that since December 5, 2014, oil rigs in use fell by 947 rigs (or 60.1%) to 628 rigs (from 1,575)
• Today, oil rigs in use rose by 12 for the week to 640.
• Oil prices sold off as a reaction to this data
• We also want to note that, one fear in the investment community was that oil and gas producers will be coming back online more following the sharp decline in oil rig count, which will add new pressure on oil prices
• Well, here's one week that shows 12 oil rigs in the U.S. are back in use. However, this clearly does not make a trend
• Going forward, let's keep on top of the U.S. rig count as this remains to be a catalyst to oil prices
