Energy
Rig Counts Inching Back Up (BHI, OIH, DIG, USO, OIL)
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This week’s data from Baker Hughes, Inc. (NYSE: BHI) on the weekly rig counts looks better and less mixed than in other weeks despite the notion that all projects should be financially sound at current levels. On the news, we are watching the key ETF products of the 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) react to this news. The overall figure is up, but barely. Commodities players are mostly lower today, but more on the consumer data than on anything about rig counts.
U.S. Rig Count is up 21 from last week at 1069; down 902 year over year.
Canadian Rig Count is up 5 from last week at 249; down 194 year over year.
The US Offshore rig count is 35, up 1 from last week; down 30 year over year.
Oil Services HOLDRs (NYSE: OIH) is down 4.4% at $116.67, the Ultra Oil & Gas ProShares (NYSE: DIG) is down 7.7% at $32.89, the United States Oil (NYSE: USO) ETF is down ‘only 3.5% at 39.47and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 3.4% at $26.09. These had very little reaction today to the rig count data.
JON C. OGG
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