Baker Hughes U.S Rig Count: Oil rig count +1 from last week to 556; Gas rig count -2 from last week to 135
Portfolio Pulse from Charles Gross
Baker Hughes reports a net decrease in the U.S. rig count, with oil rigs increasing by 1 to 556 and gas rigs decreasing by 2 to 135.
June 09, 2023 | 5:03 pm
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NEGATIVE IMPACT
The decrease in gas rig count may negatively impact UNG in the short term.
The decrease in gas rig count indicates a potential reduction in gas production, which may lead to higher gas prices. This could negatively impact UNG, an ETF that tracks natural gas futures, as higher prices may reduce demand for natural gas.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The increase in oil rig count may have a neutral impact on USO in the short term.
The increase in oil rig count indicates a potential increase in oil production. However, the change is relatively small and may not significantly impact oil prices or demand. As a result, the impact on USO, an ETF that tracks oil futures, is expected to be neutral in the short term.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50