Rig Count Up, WTI Crude Oil Off 4.5% On The Week
$BHI, $USO, $OIL, $UGA
WTI Crude Oil prices ended little changed Thursday and down 4.5% on the week, as the 1st weekly gains in the US rig count this year pared early gains during the session.
Pushing Crude Oil futures off highs was the latest data on the US Oil drilling rig count from Baker Hughes (NYSE:BHI). The firm said the number of rigs drilling for Crude Oil rose by 12 this week, the 1st rise since December 2014.
WTI Crude Oil rose early when weak US jobs and economic data indicated that the Fed could delay any raise interest rates.
Brent Crude Oil (OIL)rose 0.06 cents to settle at 62.07 bbl. Prices turned lower in post-settlement trading.
WTI Crude Oil (USO) fell 0.03 to settle at 56.93.
RBOB Gasoline (UGA) futures settled 1.3% higher ahead of expected holiday demand in the United States.
Refining margins, or cracks, for both gasoline and diesel rose pulling along Crude Oil prices on expectations of more US Summer driving demand.
| HeffX-LTN Analysis USO: | Overall | Short | Intermediate | Long |
| Neutral (-0.20) | Bearish (-0.38) | Bearish (-0.27) | Neutral (0.06) |
| HeffX-LTN Analysis OIL: | Overall | Short | Intermediate | Long |
| Neutral (-0.17) | Bearish (-0.40) | Neutral (-0.21) | Neutral (0.08) |
| HeffX-LTN Analysis for UGA: | Overall | Short | Intermediate | Long |
| Bullish (0.35) | Bullish (0.32) | Bullish (0.46) | Bullish (0.28) |
Have a terrific holiday weekend.
HeffX-LTN
Paul Ebeling
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