Lower Rig Counts Again, Lower Supply... (BHI, OIL, OIH, USO)

Energy

Published: March 13, 2009 12:41 pm

Last Updated: April 28, 2020 12:49 am

offshore-rig-pic1 Baker Hughes Inc. (NYSE: BHI) just released its weekly rig counts. Despite the fact that oil has recovered handily off its lows, it seems that oil rig operators still are not enthusiastic about operating rigs.

U.S. Rig Count at 1,126; down 44 from last week and down 666 year-over-year.
Canadian Rig Count at 220; down 79 from last week and down 290 year-over-year.
US Offshore rig count is 47; down 4 from last week and down 13 year-over-year.

All the oil ETF’s are still down on the day, although they look off the lows:

iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 1% at $18.10;
Oil Services HOLDRs (NYSE: OIH) is down 1.2% at $72.48;
United States Oil (NYSE: USO) is down 1% at $27.94.

Our call is out to 2010, but Baker Hughes is one of our own energy picks which we feel can double by the end of 2010. Baker Hughes has been down all morning along with oil prices and after Credit Suisse downgraded the firm to neutral from outperform.

Jon C. Ogg

Credit Card Companies Are Doing Something Nuts

Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.

It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.

We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.

Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.