Baker Hughes Inc. (NYSE: BHI) has just released its new weekly rig count data. Today’s data looks mixed again, which is another indication that perhaps the swinging back and forth in oil prices in the current range of the low-$70’s is having an impact on new ‘margin requirements’ for drillers and services to open or keep running rigs. Some may also be seasonal. These are no longer in free fall as we used to see early this year, but the gains that were seen domestically are not coming back close at all to what we saw back when oil was through the roof. We are watching the Oil Services HOLDRs (NYSE: OIH) on the news.
U.S. Rig Count is up 32 from last week at 1193; down 571 year over year.
Canadian Rig Count is up 14 from last week at 368; down 1 year over year.
The US Offshore rig count is 34, down 4 from last week; down 33 year over year.
The Oil Services HOLDRs is up a whole $0.01 at $118.04 on the day. NYMEX WTI Crude is up $1.10 at $73.75 as of 1:10 PM EST.
JON C. OGG
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