The rig counts are not higher this week despite $80+ oil remaining. Baker Hughes Inc. (NYSE: BHI) has issued its weekly rig counting data, and we are watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the news. Rig counts below….
- U.S. Rig Count is down 9 from last week at 1482; up 527 year over year.
- Canadian Rig Count is down 12 from last week at 110; up 45 year over year.
- The US Offshore rig count is 53, down 3 from last week; up 2 year over year.
We know this will be one less than whatever the real number is next week due to Transocean Ltd. (NYSE: RIG), and its shares are down 1.1% at $89.29 today.
Oil Services HOLDRs (NYSE: OIH) is up 2.5% at $134.47 and the United States Oil (NYSE: USO) is up 0.9% at $40.69.
Banker Hughes shares are up 3.6% at $53.67.
JON C. OGG
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