We are seeing a mixed bag on the rig counts in the oil patch. While the numbers are often higher than a year ago, they are on the decline from week ago data that may have some seasonality issues as the reason. 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 -8 from last week at 1677; up 564 year over year.
Canadian Rig Count is down 11 from last week at 418; up 125 year over year.
The US Offshore rig count is 20, down 3 from last week; down 16 year over year.
Baker Hughes Inc. (NYSE: BHI) is u 0.3% at $50.07 late in the day.
The Oil Services HOLDRs (NYSE: OIH) is up 0.25% at $130.09 and the United States Oil (NYSE: USO) is following oil down 0.9% at $35.19. Oddly, oil is down 0.45% at $82.05 per barrel.
JON C. OGG