U.S. Baker Hughes Gas Rig Count -5 From Last Week To 123; Oil Rig Count +0 From Last Week To 525
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes Gas Rig Count has decreased by 5 from last week to 123, while the Oil Rig Count remained unchanged at 525.
August 11, 2023 | 5:04 pm
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NEUTRAL IMPACT
The unchanged oil rig count may not significantly impact SPY as it is a broad market ETF.
SPY is a broad market ETF and is not significantly influenced by specific sectors such as oil and gas. Therefore, the unchanged oil rig count is unlikely to have a major impact on SPY.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30
NEUTRAL IMPACT
The unchanged oil rig count may not significantly impact USO as it indicates stable oil production.
USO is an ETF that tracks oil futures. The unchanged oil rig count indicates stable oil production, which is unlikely to significantly impact the value of USO.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The decrease in gas rig count could potentially impact UNG negatively as it indicates a decrease in gas production.
UNG is an ETF that tracks natural gas futures. A decrease in the gas rig count indicates a potential decrease in gas production, which could lead to a decrease in the value of UNG.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80