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 rig count growth on the three major counts, a positive development for those wanting more stable oil supply (and hopefully more stable oil prices)….  We are watching  the key ETFs of 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) on this.

U.S. Rig Count is up 4 from last week at 1141; down 711 year over year.

Canadian Rig Count is up 47 from last week at 364; down 40 year over year.

The US Offshore rig count is 37, up 2 from last week; down 26 year over year.

The Oil Services HOLDRs (NYSE: OIH) is down 0.5% at $115.06, the Ultra Oil & Gas ProShares (NYSE: DIG) is down 0.6% at $34.10, the United States Oil (NYSE: USO) ETF is down 0.05% at $38.50 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 0.3% at $25.34.

Oil prices via NYMEX WTI Crude are down by $0.67 at $75.78 at 1:19 PM EST, well off of the intra-morning highs from right after the unemployment rate gave its shockingly low number.

Jon C. Ogg