Baker Hughes Oil Rigs February 1, 2019

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Latest Baker Hughes Report
  The Baker Hughes rig count reported U.S. oil rig count decreased by 15 to 847.
  The decrease of 15 rigs as of February 1, 2019 includes the last 6 days of January. So it could be counted as part of January 2019 data, a net decrease of 38 oil rigs. This is more evidence of a trend for 2019 due in part to general forecasts of lower crude oil prices than last year. Producers, especially shale oil producers, need at least $60 crude oil prices for a sustained period to incentivize producers to add more rigs.
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