As Rig Counts Rise, So May Saudi Arabia

The latest weekly rig count data produced by Baker Hughes (NYSE: BHI) showed the third straight increase in active North American drilling rigs. The relatively higher price of oil has producers in both the U.S. and Canada expanding operations in June. But that is precisely what Saudi Arabia has been suffering to stop, and so increased investment activity could lead Saudi Arabia to boost production soon. The ripples of such an action might be big, but only if other energy sector dynamics matter less. See this full report at The Snake Also Rises - Saudi Arabia's Response to Rising Rig Counts.

Energy Relative Shares	Week Ended 06-17-16
SPDR S&P 500 (NYSE: SPY)	-1.7%*
United States Oil (NYSE: USO)	-1.8%
iPath S&P GSCI Crude Oil (NYSE: OIL)	-2.5%
United States Natural Gas (NYSE: UNG)	+2.4%
Energy Select Sector SPDR (NYSE: XLE)	-0.0%*
SPDR S&P Oil & Gas E&P (NYSE: XOP)	-0.3%*
Market Vectors Oil Services (NYSE: OIH)	-0.6%
Exxon Mobil (NYSE: XOM)	+0.8%
Chevron (NYSE: CVX)	-0.4%
B.P. (NYSE: BP)	+1.6%
ConocoPhillips (NYSE: COP)	-0.8%
Phillips 66 (NYSE: PSX)	-1.9%
Occidental Petroleum (NYSE: OXY)	-0.7%
Schlumberger (NYSE: SLB)	-1.3%
Halliburton (NYSE: HAL)	-0.6%
Chesapeake Energy (NYSE: CHK)	+2.0%
Pioneer Natural Resources (NYSE: PXD)	-3.2%

Please see our disclosures at the Wall Street Greek website and author bio pages found there. This article and website in no way offers or represents financial or investment advice. Information is provided for entertainment purposes only. Article interests energy investors including Exxon Mobil (NYSE: XOM), BP (NYSE: BP), PetroChina (NYSE: PTR), Petrobras (NYSE: PZE), Royal Dutch Shell (OTC: RYDAF.PK), Total (NYSE: TOT), Chevron (NYSE: CVX), Repsol (OTC: REPYY.PK), ConocoPhillips (NYSE: COP), Eni SpA (NYSE: E), Sasol (NYSE: SSL), Encana (NYSE: ECA), Suncor (NYSE: SU), Imperial Oil (AMEX: IMO), Statoil (NYSE: STO), Cenovus (NYSE: CVE), Transocean (NYSE: RIG), Penn West Petroleum (NYSE: PWE), Continental Resources (NYSE: CLR), Noble (NYSE: NE), Concho (NYSE: CXO), Diamond Offshore (NYSE: DO), Ensco (NYSE: ESV), Whiting Petroleum (NYSE: WLL), Nabors (NYSE: NBR), Pride International (NYSE: PDE), Helmerich & Payne (NYSE: HP), QEP Resources (NYSE: QEP), Enerplus (NYSE: ERF), Rowan (NYSE: RDC), Cobalt (NYSE: CIE), Patterson UTI (Nasdaq: PTEN), SandRidge (NYSE: SD), Schlumberger (NYSE: SLB), Halliburton (NYSE: HAL), National Oilwell Varco (NYSE: NOV), Baker Hughes (NYSE: BHI), Weatherford International (NYSE: WFT), Cameron (NYSE: CAM), FMC Tech (NYSE: FTI), Oil States International (NYSE: OIS), Superior Energy (NYSE: SPN), Carbo Ceramics (NYSE: CRR), Helix Energy (NYSE: HLX), Pioneer (NYSE: PXD), CNOOC (NYSE: CEO), China Petroleum and Chemical (NYSE: SNP), Ecopetrol (NYSE: EC), Canadian Natural Resources (NYSE: CNQ), Apache (NYSE: APA), Anadarko (NYSE: APC), Devon (NYSE: DVN), EOG (NYSE: EOG), Chesapeake (NYSE: CHK).