Baker Hughes: Gas Rigs Up 11 From Last Week, Oil Rigs Down 5
Portfolio Pulse from Benzinga Newsdesk
Baker Hughes reports an increase of 11 gas rigs from last week, while oil rigs have decreased by 5. The United States Oil Fund (USO) is also mentioned in the article.
July 07, 2023 | 5:02 pm
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NEUTRAL IMPACT
Baker Hughes' report of an increase in gas rigs and a decrease in oil rigs may impact its stock price.
The increase in gas rigs could potentially boost Baker Hughes' revenues, while the decrease in oil rigs could have the opposite effect. The net impact on the stock price is uncertain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 100
NEUTRAL IMPACT
The United States Oil Fund (USO) may be impacted by the changes in oil and gas rigs reported by Baker Hughes.
As USO tracks the price of oil, the decrease in oil rigs could potentially lead to a decrease in oil supply and an increase in oil prices, which could benefit USO. However, the increase in gas rigs could lead to an increase in gas supply and a decrease in gas prices, which could negatively impact USO.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50