Energy
Lower Rig Counts Again, Lower Supply... (BHI, OIL, OIH, USO)
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Baker Hughes Inc. (NYSE: BHI) just released its weekly rig counts. Despite the fact that oil has recovered handily off its lows, it seems that oil rig operators still are not enthusiastic about operating rigs.
All the oil ETF’s are still down on the day, although they look off the lows:
Our call is out to 2010, but Baker Hughes is one of our own energy picks which we feel can double by the end of 2010. Baker Hughes has been down all morning along with oil prices and after Credit Suisse downgraded the firm to neutral from outperform.
Jon C. Ogg
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