As oil prices hover above $45 per barrel, the count of active drilling rigs in the United States has fallen by one to 940, with oil-directed rigs dropping by two to 756 units and natural gas-directed rigs climbing by one to 184, Baker Hughes (BHI) reported Friday, June 30.
The drop in Baker Hughes count is the first in 24 weeks, or six months and comes at a time when oil has felt significant pressure due to a persisting global oversupply and dangerously high levels of U.S. shale activity.
West Texas Intermediate crude contracts for August delivery were trading up about 1.3% around the time of the 1 p.m. Baker Hughes report to $45.51 a barrel, while global benchmark Brent crude futures were up slightly less than 1% to $47.85.
Baker Hughes total U.S. rig count is up 509 rigs from this time last year when it stood at 431, with oil rigs up 415, gas rigs up 95 and miscellaneous rigs down one.
Meanwhile, the U.S. offshore count is down one rig from last week to 21 overall. The offshore count is up two rigs year-over-year.
What's Hot On TheStreet
Get ready Tesla fanboys: Tesla Inc. (TSLA) - Get Report CEO Elon Musk said Friday there would be "news on Sunday" about the company's much anticipated Model 3. While that's all fine and good, what Musk won't tell people is how his electric car company may be speeding toward a monopoly.
With the advance of self-driving vehicles, Tony Hughes, managing director at Moody's Analytics, argued it is not the cars themselves that could lead to the decline in the automotive industry but ride-sharing services like Uber or Lyft. The plan CEO Elon Musk has laid out to create a fleet of self-driving Tesla vehicles for ride-sharing purposes could be the way to save automakers from a demise.
A VIP gives his market outlook: Nobel Prize winning-economist Robert Shiller told TheStreet's Anders Keitz that U.S. equities markets are "quite high" currently but may go even higher in coming months, and that's why he's not exiting the market completely. Indeed there's another thing that could have an unpredictable effect on the market Shiller explains: The narrative around Donald Trump.
"Short-run forecasting of the market is very hard," said Shiller. "I think it's a time for caution, but it could go up substantially."
Apple iPhone 8 pictures leak: Apple's (AAPL) - Get Report iPhone 8 looks kind of cool. That is if yet another photo leak is to be believed. Noted Apple information leaker Benjamin Geskin tweeted photos of an alleged iPhone 8 finished prototype on Thursday evening (head here to see). Suffice it to say, Apple is gearing up for the mother of all product launches. And consumers look ready to respond.
About 92% of iPhone owners say they are "somewhat likely or "extremely likely" to upgrade their smartphone in the next 12 months, according to a note from Morgan Stanley. The loyalty rate is up sharply from 86% one year ago.
Nike managed to excite Wall Street: After a major restructuring announcement, Nike (NKE) - Get Report was able to boost Wall Street's views on the company's prospects. On an earnings call Thursday evening, Mark Parker, Nike CEO and board chairman, said its pricey new Air VaporMax sneakers drove sales in the quarter and that there will be new styles coming to the brand sometime this summer. There are also "a few more surprises along the way," Parker said.
As TheStreet's Lindsay Rittenhouse reports, Nike also confirmed that it teamed up with Amazon (AMZN) - Get Report to sell certain products on the e-commerce conglomerate's site. The company is also selling directly to consumers via Instagram.
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