U.S. Baker Hughes Oil Rig Count +1 From Last Week To 513; Gas Rig Count -1 From Last Week To 113
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes Oil Rig Count has increased by 1 from last week to 513, while the Gas Rig Count has decreased by 1 from last week to 113.
September 08, 2023 | 5:03 pm
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NEUTRAL IMPACT
The change in oil and gas rig counts may have a minor impact on SPY as it reflects broader market trends.
The SPY ETF tracks the S&P 500, which includes companies from the energy sector. However, the changes in rig counts are minor and may not significantly affect the broader market trends that SPY reflects.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The increase in oil rig count may have a positive impact on USO, which tracks the price of oil.
The USO ETF tracks the price of oil. An increase in oil rig count indicates increased production, which could lead to a rise in oil prices and therefore a positive impact on USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80