U.S. Baker Hughes Oil Rig Count -4 From Last Week To 525; U.S. Baker Hughes Gas Rig Count +0 From Last Week To 128
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes Oil Rig Count has decreased by 4 from last week to 525, while the U.S. Baker Hughes Gas Rig Count remains unchanged at 128.
August 04, 2023 | 5:04 pm
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POSITIVE IMPACT
The decrease in oil rig count could potentially lead to a decrease in oil supply, which may positively impact USO in the short term.
The decrease in oil rig count could potentially lead to a decrease in oil supply. This may increase the price of oil, which would positively impact USO, an ETF that tracks oil futures.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The unchanged gas rig count may not significantly impact UNG in the short term.
The unchanged gas rig count indicates a stable supply of natural gas, which may not significantly affect the price of UNG, an ETF that tracks natural gas futures.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50