U.S. Baker Hughes Gas Rig Count +0 From Last Week To 141; Oil Rig Count -11 From Last Week To 575
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes gas rig count remained unchanged at 141, while the oil rig count decreased by 11 to 575 from last week.
May 19, 2023 | 5:04 pm
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POSITIVE IMPACT
The decreased oil rig count may have a positive impact on USO.
The decreased oil rig count may signal reduced oil production, which could lead to higher oil prices and a positive impact on USO, an oil ETF.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 75
NEUTRAL IMPACT
The unchanged gas rig count and decreased oil rig count may have a neutral impact on SPY.
The unchanged gas rig count indicates stable gas production, while the decreased oil rig count may signal reduced oil production. This mixed signal may have a neutral impact on the broader market, represented by SPY.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The unchanged gas rig count may have a neutral impact on UNG.
The unchanged gas rig count indicates stable gas production, which may not significantly affect the price of natural gas or UNG, a natural gas ETF.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 75