Baker Hughes, Inc. (NYSE: BHI) has released its data on the weekly rig counts and most are up. We are watching the key ETF products react via 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. It will be interesting to see if this continues after the recent pause in oil.
U.S. Rig Count is up 12 from last week at 1113; down 828 year over year.
Canadian Rig Count is up 30 from last week at 293; down 107 year over year.
The US Offshore rig count is 36, down 1 from last week; down 26 year over year.
At 1:07 PM EST NYMEX WTI Crude is trading down $0.62 at $76.84 per barrel. The Oil Services HOLDRs (NYSE: OIH) is down 2.6% at $116.65, the Ultra Oil & Gas ProShares (NYSE: DIG) is off by 3% at $33.90, the United States Oil (NYSE: USO) ETF is down only 1% at $39.23 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 1.1% at $25.94.
JON C. OGG
NOVEMBER 20, 2009
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