Here comes the Baker Hughes rig count

According to Baker Hughes (BHI), in the week ended August 14, the US rig count increased by two crude oil rigs, offset by two fewer natural gas rigs.

The late-June bottom followed 25 consecutive weeks of decline from the October 2014 high of 1609 oil rigs. The gas rig count dropped 2 to 211, and the overall tally was unchanged at 884.

Shortly after the release, West Texas Intermediate crude fell below per barrel for the first time since 2009.

“The question is how long will it continue to rise”, said Phil Flynn, an analyst with the Price Futures Group, referring to the rig count.

Among major oil- and gas-producing states, North Dakota and Oklahoma each gained three rigs while Alaska, California, Kansas and Wyoming each added one. The crude being pumped out of U.S. shale formations helped create a global glut that has pushed prices down 60% since June of previous year. Prices are down by as much as 34 percent from their six-month high of $61.43 in early June.