S&P 500
7,507.80
-0.22%
Dow Jones
51,595.40
-0.32%
Nasdaq 100
30,411.80
-0.23%
Russell 2000
2,975.48
-0.09%
FTSE 100
10,384.80
-0.34%
Nikkei 225
71,987.20
+0.02%

Energy

Mixed Picture in Oil Rig Counts (BHI, OIH, USO)

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published

Invalid Image
With all of the trouble in drilling in the Gulf of Mexico, we wanted to look at the most recent weekly rig count data just released from Baker Hughes Inc. (NYSE: BHI).  We are also watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the rig count data, although the services sector is much more direct of a look than the oil commodity ETF that has tracking issues.

Baker Hughes is showing how low the offshore oil rig counts are today:

U.S. Rig Count is up 4 from last week at 1571; up 651 year over year. The US Offshore rig count is 12, down 4 from last week; down 23 year over year.  The Canadian Rig Count is up 17 from last week at 365 and is up 213 year over year.  Canada to the rescue.

Unfortunately for these players, the very weak stock market today is skewing the impact from some of the data.  Oil Services HOLDRs (NYSE: OIH) is down 2.55% at $101.04 and the United States Oil (NYSE: USO) is down 1.6% at $34.03.  Both are seeing lighter than normal trading volume today.

JON C. OGG

Follow 24/7 Wall St. on Google
Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

Continue Reading

Douglas A. McIntyre |

Rig Counts Inching Back Up (BHI, OIH, DIG, USO, OIL)

This week’s data from Baker Hughes, Inc. (NYSE: BHI) on the weekly rig counts looks better and less mixed than…

Jon C. Ogg |

An Oil Rig Count Disappointment (BHI, OIH, USO, RIG)

The rig counts are not higher this week despite $80+ oil remaining.  Baker Hughes Inc. (NYSE: BHI) has issued its…

Jon C. Ogg |

Mixed Bag on Rig Counts (BHI, OIH, USO)

We are seeing a mixed bag on the rig counts in the oil patch.  While the numbers are often higher…

Jon C. Ogg |

Oil Rig Counts Confirming Trends (BHI, OIH, USO)

Baker Hughes Incorporated (NYSE: BHI) has just released its weekly rig count, and the rig count is back up.  In…

Douglas A. McIntyre |

Rig Counts Mixed On Oil Prices (OIH, USO, OIL)

The weekly rig count data from Baker Hughes Incorporated (NYSE: BHI) is out, and it seems that the corrective phase…

Douglas A. McIntyre |

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

The rig counts are still heading in the right direction for stable oil and a steady flow of oil and…

Douglas A. McIntyre |

Lower Rig Counts Again, Lower Supply… (BHI, OIL, OIH, USO)

Baker Hughes Inc. (NYSE: BHI) just released its weekly rig counts.  Despite the fact that oil has recovered handily off…

Douglas A. McIntyre |

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…

Douglas A. McIntyre |

More Mixed Rig Count Data (BHI, OIH)

Baker Hughes Inc. (NYSE: BHI) has just released its new weekly rig count data.  Today’s data looks mixed again, which…

Top Gaining Stocks

CarMax
KMX • Vol: 7,330,419
Corning
GLW • Vol: 22,800,969
Intel
INTC • Vol: 233,719,006
Super Micro Computer
SMCI • Vol: 68,465,534
Enphase Energy
ENPH • Vol: 13,978,376

Top Losing Stocks

Accenture
ACN • Vol: 41,744,333
EPAM Systems
EPAM • Vol: 5,636,587
Cognizant
CTSH • Vol: 61,311,400
Coterra Energy
CTRA • Vol: 73,319,495
Kroger
KR • Vol: 26,704,230