Energy

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 gas supplies according to the Baker Hughes Inc. (NYSE: BHI) weekly rig counting data.  This is actually surprising considering how…

By Douglas A. McIntyre
Published January 22, 2010, 1:15pm ET · 1 min read

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The rig counts are still heading in the right direction for stable oil and a steady flow of oil and gas supplies according to the Baker Hughes Inc. (NYSE: BHI) weekly rig counting data.  This is actually surprising considering how much oil has come off since its 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 34 from last week at 1282; down 233 year over year.

Canadian Rig Count is up 29 from last week at 495; up 69 year over year.

The US Offshore rig count is 42, up 1 from last week; down 23 year over year.

T.Boone Pickens is still looking for $90 oil this year, or at least he was before this lat huge leg-down came.  Too bad the refining business is so bad for any refining players.

The Oil Services HOLDRs (NYSE: OIH) is down 2% at $124.00 and the United States Oil (NYSE: USO) is down 1.5% at $36.69.  Unfortunately, this is not likely to have any severe impact on the price of oil as it is already down $1.28 per barrel at $74.80.

JON C. OGG

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Douglas A. McIntyre

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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