Baker Hughes Incorporated (NYSE: BHI) has just released its weekly rig count, and the rig count is back up. In the rig count data for services business there is the Oil Services HOLDRs (NYSE: OIH) and for the weeks ahead in oil prices we always track the United States Oil (NYSE: USO).
There may be of course some seasonality and year-end issues, but the breakdown is as follows:
- U.S. Rig Count is up 6 from last week at 1700; up 480 year over year.
- Canadian Rig Count is up 176 from last week at 422; up 80 year over year.
- The US Offshore rig count is 25, up 1 from last week; down 17 year over year.
The rig count is not seeming to have much impact as energy prices and commodities are acting weak in general. The United States Oil (NYSE: USO) fund is down just a bit less than 1% at $37.31 and the Oil Services HOLDRs (NYSE: OIH) is actually up almost 1% at $137.77.
Baker Hughes Incorporated (NYSE: BHI) is trading higher this afternoon after a Goldman Sachs upgrade to Buy from Neutral this morning. Oil itself is trading down almost 1% at $87.60 on the day.
JON C. OGG
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
