Baker Hughes Incorporated ($BHI)
announced today that the international rig count for April 2012 was
1,178, down 14 from the 1,192 counted in March 2012, and up 49 from the
1,129 counted in April 2011.
The average U.S. rig count for April 2012 was 1,961, down 18 from the
1,979 counted in March 2012 and up 171 from the 1,790 counted in April
2011.
The worldwide rig count for April 2012 was 3,297, down 366 from the
3,663 counted in March 2012 and up 195 from the 3,102 counted in April
2011.
** The importance of this is that as more rigs come offline it lowers the supply of oil and natural gas in the market place. The less supply will lead to higher prices if demands does not drop.
Related ETFs: $USO $UNG $XLE
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