U.S. Baker Hughes Oil Rig Count -1 From Last Week To 529; Gas Rig Count -3 From Last Week To 128
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes Oil Rig Count has decreased by 1 from last week to 529, while the Gas Rig Count has decreased by 3 to 128.
July 28, 2023 | 5:02 pm
News sentiment analysis
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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 a potential decrease in supply, which could lead to higher prices and negatively impact UNG.
CONFIDENCE 80
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 a potential decrease in supply, which could lead to higher prices and negatively impact USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The decrease in oil and gas rig counts may have a neutral impact on SPY as it is a broad-based ETF.
SPY is a broad-based ETF and is not solely dependent on the oil and gas industry. Therefore, the decrease in oil and gas rig counts may not have a significant impact on its price.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50