S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Energy

Rig Counts Inching Back Up (BHI, OIH, DIG, USO, OIL)

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

This week’s data from Baker Hughes, Inc. (NYSE: BHI) on the weekly rig counts looks better and less mixed than in other weeks despite the notion that all projects should be financially sound at current levels.  On the news, we are watching the key ETF products of the Oil Services HOLDRs (NYSE: OIH), the Ultra Oil & Gas ProShares (NYSE: DIG), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) react to this news.  The overall figure is up, but barely.  Commodities players are mostly lower today, but more on the consumer data than on anything about rig counts.

U.S. Rig Count is up 21 from last week at 1069; down 902 year over year.

Canadian Rig Count is up 5 from last week at 249; down 194 year over year.

The US Offshore rig count is 35, up 1 from last week; down 30 year over year.

Oil Services HOLDRs (NYSE: OIH) is down 4.4% at $116.67, the Ultra Oil & Gas ProShares (NYSE: DIG) is down 7.7% at $32.89, the United States Oil (NYSE: USO) ETF is down ‘only 3.5% at 39.47and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 3.4% at $26.09.  These had very little reaction today to the rig count data.

JON C. OGG

Photo of Douglas A. McIntyre
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.

Continue Reading

Douglas A. McIntyre |

Rig Count Growth Mostly Positive (BHI, OIH, DIG, USO, OIL)

Baker Hughes, Inc. (NYSE: BHI) has released its data on the weekly rig counts and most are up. We are…
Douglas A. McIntyre |

Mixed Bag on Oil Rig Counts (BHI, OIH, DIG, USO, OIL)

Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts, and the results are not as strong as you…
Douglas A. McIntyre |

Higher Oil, Higher Rigs (BHI, OIH, DIG, USO, OIL)

Maybe higher oil prices keep begetting higher rig counts.  Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts…
Douglas A. McIntyre |

Oil & Gas Rig Counts Falter (OIH, DIG, USO, OIL)

Baker Hughes, Inc. (NYSE: BHI) has released its weekly rig counts and the gains we were seeing look as though…
Douglas A. McIntyre |

Rig Counts Staying Positive (BHI, OIH, DIG, USO, OIL)

Baker Hughes Incorporated (NYSE: BHI) has just released its weekly rig counts.  It looks like we have another week of…
Douglas A. McIntyre |

DOE Oil Inventory Heads the Right Way (OIH, DIG, USO, OIL)

The Department of Energy has just released this week’s oil inventories data.  While there are gains almost on all counts,…
Douglas A. McIntyre |

Oil Inventories Heading Wrong Way (OIH, DIG, USO, OIL)

The Department of Energy has just released its weekly oil inventories data and those wanting stable prices from oil data…
Douglas A. McIntyre |

Oil Inventories Head Wrong Way, Again (OIH, DIG, USO, OIL)

The latest weekly inventories data from Department of Energy in crude and oil products is adding more support and adding…
Douglas A. McIntyre |

Oil Inventory Gains Trump Weak Refining (OIH, USO, OIL, UCO)

The Department of Energy has just released its weekly oil inventory data, which was something to watch considering the move…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618