U.S. Oil, Natural Gas Rig Count Up One To 625 Total In Week To Oct 27
Portfolio Pulse from Benzinga Newsdesk
The total count of U.S. oil and natural gas rigs has increased by one to 625 for the week ending October 27. This could potentially impact the prices of related ETFs such as UNG and USO.
October 27, 2023 | 5:11 pm
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NEGATIVE IMPACT
The increase in U.S. oil and natural gas rig count could potentially lead to an increase in supply, which may put downward pressure on natural gas prices and negatively impact UNG.
UNG tracks the price of natural gas. An increase in the rig count could lead to an increase in supply, which could potentially lower natural gas prices and negatively impact UNG.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The increase in U.S. oil and natural gas rig count could potentially lead to an increase in supply, which may put downward pressure on oil prices and negatively impact USO.
USO tracks the price of oil. An increase in the rig count could lead to an increase in supply, which could potentially lower oil prices and negatively impact USO.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80