Oil ETFs Show Muted Reaction To Price Bearish Rig Count Data

Baker Hughes Incorporated (NYSE:BHI) released its weekly rig count data earlier Friday, showing an increase in U.S. rig count for the week ended October 21.

U.S. rig count, including oil and natural gas rigs, totaled 563, up 14 from the week ended October 14, although it represented a 234-drop from a year earlier. Meanwhile, rig count for oil was up 11 to 443 rigs, marking the seventeenth straight week without a reduction.

Canadian and international rig counts, however, fell 22 and 3, respectively week-over-week to 143 and 934.

Oil did not react much immediately after the data and was seen close to the previous session's closing price of $50.63 a barrel for the December contract. At last check, a barrel of WTI oil was fetching $50.70.

The fact that the price bearish data did not trigger a selloff, despite the run up in oil prices this week is commendable.

Meanwhile, the reactions in oil ETFs were also muted:

The United States Oil Fund LP (ETF) (NYSE:USO) was little changed at $11.43.
United States Brent Oil Fund LP (NYSE:BNO) was up 0.60 percent at $15.03.
VelocityShares 3X Long Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (NYSE:UWTI) was rising 0.33 percent at $27.30.
VelocityShares 3X Inverse Crude ETN linked to the S&P GSCI Crude Oil Index Excess Return (NYSE:DWTI) was down 0.28 percent at $57.50.

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