The rig counts are still heading in the right direction for stable oil and a steady flow of oil and gas supplies according to the Baker Hughes Inc. (NYSE: BHI) weekly rig counting data.  This is actually surprising considering how much oil has come off since its recent highs.  We are watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the news.

U.S. Rig Count is up 34 from last week at 1282; down 233 year over year.

Canadian Rig Count is up 29 from last week at 495; up 69 year over year.

The US Offshore rig count is 42, up 1 from last week; down 23 year over year.

T.Boone Pickens is still looking for $90 oil this year, or at least he was before this lat huge leg-down came.  Too bad the refining business is so bad for any refining players.

The Oil Services HOLDRs (NYSE: OIH) is down 2% at $124.00 and the United States Oil (NYSE: USO) is down 1.5% at $36.69.  Unfortunately, this is not likely to have any severe impact on the price of oil as it is already down $1.28 per barrel at $74.80.

JON C. OGG

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