The weekly rig count data from Baker Hughes Incorporated (NYSE: BHI) is out, and it seems that the corrective phase in the price of oil is starting to create mixed data in the rig counts. There is always the notion that some changes may be seasonal (particularly in Canada) at this time of year, but we are looking at the key ETFs of Oil Services HOLDRs (NYSE: OIH), the United States Oil (NYSE: USO) ETF and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) on this.
U.S. Rig Count is up 20 from last week at 1161; down 629 year over year.
Canadian Rig Count is down 10 from last week at 354; down 36 year over year.
The US Offshore rig count is 38, up 1 from last week; down 27 year over year.
Oil Services HOLDRs (NYSE: OIH) is down 0.5% at $113.76, the United States Oil (NYSE: USO) ETF is down 0.4% at $35.59 and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is down 0.35% at $23.42 on this.
At 1:17 PM EST NYMEX WTI Crude is down $0.45 at $70.09 per barrel.
JON C. OGG
DECEMBER 11, 2009
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