Baker Hughes says that the US rig count stands at 1017 up 7 for the week. Natural gas directed rigs are said to be 710 up 5 while directional and horizontal rigs are said to be 636 up 9.
Natural gas itself is holding up beautifully in both the futures and cash markets. In fact, we're down well below 20:1 again to oil and the drop in oil has had next to no effect on natural gas.
At $66, $WTIC managed push today. The $USD made a run at 77.10 again today and failed again. That's 5 days on which it has failed at that point out of the last 10 sessions. $spx:$vix dropped a doji right on its fifty DMA and the bearish MACD cross is still effective with MACD screeching south. The $SPX itself has fallen about the same amount as the prior two pull-backs in this longish bull run but has not yet made it south to 50 RSI, a point at which it has rebounded twice recently this summer and at which point it is nowhere near oversold.
Baker Hughes counts them up as follows:
US rigs 1916, +11
gas rigs 889, +4
d&h rigs 1346, +7
I heard a gentlemen on the TV today say that US gov't policy was stifling drilling in the US. He must not have looked at the US rig count data recently.
Don et al,
The US rig count stands at 1887 plus 1 for the week, according to Baker Hughes. Natural gas directed rigs are 873, down 1 while dir. & hor. rigs are 1317 +1.
In the broader market, once the $SPX began trading under 1340 by 10 AM it has been unable to punch back through to the north despite a number of attempts since 1:30. It is so close, the market ought to make an attempt to do it. Whether it succeeds or not is another matter.
Don, the rivers here in CO are unbelievable. Was on the west side of Rocky Mtn. Nat Park a few days ago and the Colorado was out of its banks, saw moose sloshing through meadows covered with flowing water, never have seen it like this. The wild flowers that aren't inundated are going to be spectacular. Also, I hiked trails over snow drifts that are usually gone by mid June, to a lake where ice chunks are still floating. Harold