U.S. Baker Hughes Oil Rig Count +1 From Last Week To 502; Gas Rig Count +1 From Last Week To 118
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes Oil Rig Count has increased by 1 from last week to 502, and the Gas Rig Count has also increased by 1 from last week to 118.
October 20, 2023 | 5:05 pm
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NEUTRAL IMPACT
The increase in the U.S. Baker Hughes Oil and Gas Rig Count may have a neutral impact on SPY as it is a broad market ETF and not directly tied to oil and gas industry.
SPY is a broad market ETF and its performance is not directly tied to the oil and gas industry. Therefore, the increase in the U.S. Baker Hughes Oil and Gas Rig Count may not have a significant impact on SPY.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The increase in the U.S. Baker Hughes Oil and Gas Rig Count may have a positive impact on USO as it is an ETF that tracks the performance of crude oil.
USO is an ETF that tracks the performance of crude oil. Therefore, the increase in the U.S. Baker Hughes Oil and Gas Rig Count, which indicates increased production, may have a positive impact on USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80