U.S. Baker Hughes Gas Rig Count -2 From Last Week To 133; Oil Rig Count -3 From Last Week To 537
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes gas rig count has decreased by 2 from last week to 133, while the oil rig count has decreased by 3 to 537.
July 14, 2023 | 5:02 pm
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NEUTRAL IMPACT
The decrease in rig counts may have a neutral impact on SPY as it is a broad-based ETF and not solely dependent on the oil and gas sector.
SPY is a broad-based ETF that includes companies from various sectors. While the oil and gas sector is a part of it, the decrease in rig counts may not significantly impact SPY due to its diversified nature.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The decrease in gas rig count may negatively impact UNG, an ETF that tracks natural gas futures.
UNG tracks natural gas futures. A decrease in gas rig count indicates potential decrease in gas production, which may lead to higher gas prices and negatively impact UNG.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The decrease in oil rig count may negatively impact USO, an ETF that tracks oil futures.
USO tracks oil futures. A decrease in oil rig count indicates potential decrease in oil production, which may lead to higher oil prices and negatively impact USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80