U.S. Baker Hughes Oil Rig Count 496 Vs 504 Prior; Total Rig Count 618 Vs 625 Prior
Portfolio Pulse from Benzinga Newsdesk
The U.S. Baker Hughes Oil Rig Count has decreased to 496 from 504, and the Total Rig Count has also dropped to 618 from 625.
November 03, 2023 | 5:04 pm
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NEGATIVE IMPACT
The decrease in the U.S. Baker Hughes Oil Rig Count and Total Rig Count may have a negative impact on UNG as it is a natural gas ETF.
UNG is a natural gas ETF and a decrease in the oil rig count could potentially lead to a decrease in natural gas production, which could negatively impact the price of UNG.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 75
NEGATIVE IMPACT
The decrease in the U.S. Baker Hughes Oil Rig Count and Total Rig Count may have a negative impact on USO as it is an oil ETF.
USO is an oil ETF and a decrease in the oil rig count could potentially lead to a decrease in oil production, which could negatively impact the price of USO.
CONFIDENCE 90
IMPORTANCE 100
RELEVANCE 100
NEUTRAL IMPACT
The decrease in the U.S. Baker Hughes Oil Rig Count and Total Rig Count may have a neutral impact on SPY as it is a broad market ETF.
SPY is a broad market ETF and while it does have exposure to the energy sector, the decrease in the oil rig count is just one of many factors that could influence its price.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50