U.S. Baker Hughes Oil Rig Count -1 From Last Week To 545; Gas Rig Count -6 From Last Week To 124
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes Oil Rig Count has decreased by 1 from last week to 545, while the Gas Rig Count has decreased by 6 to 124.
June 30, 2023 | 5:02 pm
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NEGATIVE IMPACT
The decrease in oil and gas rig counts may impact the energy sector, potentially affecting SPY.
SPY, as a broad market ETF, includes energy companies. A decrease in oil and gas rig counts could indicate a slowdown in the energy sector, potentially negatively impacting SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The decrease in the gas rig count may negatively impact UNG.
UNG tracks natural gas futures. A decrease in the gas rig count could indicate a slowdown in natural gas production, potentially negatively impacting UNG.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
The decrease in the oil rig count may negatively impact USO.
USO tracks oil futures. A decrease in the oil rig count could indicate a slowdown in oil production, potentially negatively impacting USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90