U.S. Baker Hughes Oil Rig Count -8 From Last Week To 507; Gas Rig Count -3 From Last Week To 118
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes Oil Rig Count has decreased by 8 from last week to 507, while the Gas Rig Count has decreased by 3 from last week to 118.
September 22, 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, as a broad market ETF, includes energy companies. A decrease in oil and gas rig counts indicates potential decrease in production, which could negatively impact energy companies and thus SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The decrease in gas rig count may negatively impact UNG.
UNG tracks natural gas futures. A decrease in gas rig count indicates potential decrease in production, which could lead to higher natural gas prices and negatively impact UNG.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEGATIVE IMPACT
The decrease in oil rig count may negatively impact USO.
USO tracks oil futures. A decrease in oil rig count indicates potential decrease in production, which could lead to higher oil prices and negatively impact USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90