Oil Rig Counts Staying Stronger (BHI, OIH, USO, OIL)

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Baker Hughes, Inc. (NYSE: BHI) issued its weekly rig counts and the counts are still going in the right direction overall if you like to see increased drilling activity.  This is also showing up in the Oil Services HOLDRs (NYSE: OIH), United States Oil (NYSE: USO), and the iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL).

U.S. Rig Count is up 10 from last week at 1009; down 1004 year-over-year.

Canadian Rig Count is unchanged from last week at 184; down 234 year-over-year.

The US Offshore rig count is 33, up 1 from last week; down 39 year-over-year.

The Oil Services HOLDRs (NYSE: OIH) is up 1.5% at $105.90. The United States Oil (NYSE: USO) ETF is up $0.02 to $35.34. The iPath S&P GSCI Crude Oil Total Return Index ETN (NYSE: OIL) is up $0.01 at $23.27.

JON C. OGG
September 4, 2009