U.S. Baker Hughes Oil Rig Count -8 From Last Week To 512; Gas Rig Count -2 From Last Week To 115
Portfolio Pulse from Happy Mohamed
The U.S. Baker Hughes Oil Rig Count has decreased by 8 from last week to 512, and the Gas Rig Count has decreased by 2 from last week to 115.
August 25, 2023 | 5:03 pm
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NEGATIVE IMPACT
The decrease in oil and gas rig counts may impact the SPY ETF, which has exposure to the energy sector.
The SPY ETF has exposure to the energy sector. A decrease in the number of oil and gas rigs in operation can indicate a decrease in production, which can negatively impact the energy sector and, by extension, the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The decrease in the gas rig count may negatively impact the UNG ETF, which tracks natural gas futures.
The UNG ETF tracks natural gas futures. A decrease in the number of gas rigs in operation can indicate a decrease in production, which can negatively impact natural gas prices and, by extension, the UNG ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
The decrease in the oil rig count may negatively impact the USO ETF, which tracks oil futures.
The USO ETF tracks oil futures. A decrease in the number of oil rigs in operation can indicate a decrease in production, which can negatively impact oil prices and, by extension, the USO ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90