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Energy

Idling Rig Count Resumes… More Foreign Oil (BHI, USO)

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By Douglas A. McIntyre Updated Published
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offshore-rig-picBaker Hughes Inc. (NYSE: BHI) is out with its weekly rig count.  Last week we thought that we were getting close to equilibrium on the supply and demand equation because we were starting to see a small sense of stabilization in the U.S. and Canadian rig counts.  It looks like that just isn’t the case.  We are back to a drop off in the rig counts.  The good news is that the United States Oil ETF (NYSE: USO) hasn’t done much.

U.S. Rig Count is down 30 from last week at 975; down 852 year over year.

Canadian Rig Count down 9 from last week at 74; down 22 year over year.

The US Offshore rig count is 47, down 1 from last week; down 16 year over year.

We’ll need to see next week if that continues to see if we really go lower.  Even if you adjust for seasonal trends and take the oil prices being less than half of last year’s highs, it looks like the U.S. is going to be bringing in more and more foreign oil.

Based on massive storage build-ups, you have to wonder if the rigs that are operating are working overtime.  It seems that the demand destruction is more than real.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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