U.S. Baker Hughes Oil Rig Count -5 From Last Week To 520; Gas Rig Count -6 From Last Week To 117
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes Oil Rig Count has decreased by 5 from last week to 520, while the Gas Rig Count has decreased by 6 to 117.
August 18, 2023 | 5:04 pm
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NEGATIVE IMPACT
The decrease in oil and gas rig counts may impact the energy sector, potentially affecting SPY.
SPY, being a broad market ETF, includes energy companies. A decrease in oil and gas rig counts indicates a potential slowdown in the energy sector, which could negatively impact SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The decrease in the gas rig count may negatively impact UNG.
UNG is a natural gas ETF. A decrease in the gas rig count indicates a potential slowdown in gas production, which could negatively impact UNG.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
The decrease in the oil rig count may negatively impact USO.
USO is an oil ETF. A decrease in the oil rig count indicates a potential slowdown in oil production, which could negatively impact USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90