Oil Rig Counts Still On The Rise (BHI, OIH, USO)

The rig counts are still mostly heading in the right direction, at least they are if you want to see a robust oil sector along with some oil price stability.  Baker Hughes Inc. (NYSE: BHI) has issued its weekly rig counting data, and the gains are interesting when you consider the recent price action of oil being off so much from 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 35 from last week at 1317; down 155 year over year.

Canadian Rig Count is up 36 from last week at 531; up 99 year over year.

The US Offshore rig count is 42, unchanged from last week; down 18 year over year.

The Oil Services HOLDRs (NYSE: OIH) is up 1.05% at $120.95 and the United States Oil (NYSE: USO) is down 0.75% at $35.98.  NYMEX Crude is down -$0.20 at $73.44 at 1:05 PM.

JON C. OGG