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Energy

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

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By Jon C. Ogg Updated Published

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The rig counts are not higher this week despite $80+ oil remaining.  Baker Hughes Inc. (NYSE: BHI) has issued its weekly rig counting data, and we are watching the Oil Services HOLDRs (NYSE: OIH) and the United States Oil (NYSE: USO) as the two key ETFs on the news.  Rig counts below….

  • U.S. Rig Count is down 9 from last week at 1482; up 527 year over year.
  • Canadian Rig Count is down 12 from last week at 110; up 45 year over year.
  • The US Offshore rig count is 53, down 3 from last week; up 2 year over year.

We know this will be one less than whatever the real number is next week due to Transocean Ltd. (NYSE: RIG), and its shares are down 1.1% at $89.29 today.

Oil Services HOLDRs (NYSE: OIH) is up 2.5% at $134.47 and the United States Oil (NYSE: USO) is up 0.9% at $40.69.

Banker Hughes shares are up 3.6% at $53.67.

JON C. OGG

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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.

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