Oil Patch: Rig Counts Rise Despite Falling Oil (BHI, OIH, USO)

Energy

Published: January 22, 2010 1:15 pm

Last Updated: March 26, 2020 6:38 pm

The rig counts are still heading in the right direction for stable oil and a steady flow of oil and gas supplies according to the Baker Hughes Inc. (NYSE: BHI) weekly rig counting data. This is actually surprising considering how much oil has come off since its recent highs. We are watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the news.

U.S. Rig Count is up 34 from last week at 1282; down 233 year over year.

Canadian Rig Count is up 29 from last week at 495; up 69 year over year.

The US Offshore rig count is 42, up 1 from last week; down 23 year over year.

T.Boone Pickens is still looking for $90 oil this year, or at least he was before this lat huge leg-down came. Too bad the refining business is so bad for any refining players.

The Oil Services HOLDRs (NYSE: OIH) is down 2% at $124.00 and the United States Oil (NYSE: USO) is down 1.5% at $36.69. Unfortunately, this is not likely to have any severe impact on the price of oil as it is already down $1.28 per barrel at $74.80.

JON C. OGG

Are You Ahead, or Behind on Retirement?

If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: am I ahead, or behind on my goals?

Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With Zoe Financial’s free matching tool, you can connect with trusted financial advisors in minutes.

Why wait? Click here to get started today!