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 than a year ago, they are on the decline from week ago data that may have some seasonality issues as…
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U.S. Rig Count is -8 from last week at 1677; up 564 year over year.
Canadian Rig Count is down 11 from last week at 418; up 125 year over year.
The US Offshore rig count is 20, down 3 from last week; down 16 year over year.
Baker Hughes Inc. (NYSE: BHI) is u 0.3% at $50.07 late in the day.
The Oil Services HOLDRs (NYSE: OIH) is up 0.25% at $130.09 and the United States Oil (NYSE: USO) is following oil down 0.9% at $35.19. Oddly, oil is down 0.45% at $82.05 per barrel.
JON C. OGG
Contact [email protected] for any questions or corrections.
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.