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Energy

More Mixed Rig Count Data (BHI, OIH)

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By Douglas A. McIntyre Updated Published
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Baker Hughes Inc. (NYSE: BHI) has just released its new weekly rig count data.  Today’s data looks mixed again, which is another indication that perhaps the swinging back and forth in oil prices in the current range of the low-$70’s is having an impact on new ‘margin requirements’ for drillers and services to open or keep running rigs.  Some may also be seasonal.  These are no longer in free fall as we used to see early this year, but the gains that were seen domestically are not coming back close at all to what we saw back when oil was through the roof.  We are watching the Oil Services HOLDRs (NYSE: OIH) on the news.

U.S. Rig Count is up 32 from last week at 1193; down 571 year over year.

Canadian Rig Count is up 14 from last week at 368; down 1 year over year.

The US Offshore rig count is 34, down 4 from last week; down 33 year over year.

The Oil Services HOLDRs is up a whole $0.01 at $118.04 on the day.  NYMEX WTI Crude is up $1.10 at $73.75 as of 1:10 PM EST.

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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