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 the rig count data for services business there is the Oil Services HOLDRs (NYSE: OIH) and for the weeks ahead…
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There may be of course some seasonality and year-end issues, but the breakdown is as follows:
- U.S. Rig Count is up 6 from last week at 1700; up 480 year over year.
- Canadian Rig Count is up 176 from last week at 422; up 80 year over year.
- The US Offshore rig count is 25, up 1 from last week; down 17 year over year.
The rig count is not seeming to have much impact as energy prices and commodities are acting weak in general. The United States Oil (NYSE: USO) fund is down just a bit less than 1% at $37.31 and the Oil Services HOLDRs (NYSE: OIH) is actually up almost 1% at $137.77.
Baker Hughes Incorporated (NYSE: BHI) is trading higher this afternoon after a Goldman Sachs upgrade to Buy from Neutral this morning. Oil itself is trading down almost 1% at $87.60 on the day.
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.