Weekly drilling rig data from Baker Hughes • First decline since June 24 week • Prior was 443 • Natural gas rigs 114 • Prior natural gas was 108 • Total rigs 557 • Prior total rigs were 553 The number of oil rigs bottomed out at 316 in late May but despite the jump, production still hasn't picked up. It will, it's just a matter of the time lag. I wouldn't read too much into one week of declines because rigs jumped 11 last week so it puts it back on trend. What is a bit positive for oil is that there isn't an upward acceleration of rigs in response to higher prices but that might just be a matter of time if crude ... (full story)