US Baker Hughes Total Rig Count 622, Prior 620
Portfolio Pulse from Bill Haddad
The US Baker Hughes Total Rig Count has increased to 622 from the prior count of 620, indicating a slight rise in active drilling rigs in the United States.
December 29, 2023 | 6:05 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may experience a slight positive impact due to the increase in the US Baker Hughes Total Rig Count, as it suggests a potential increase in domestic oil production.
An increase in the rig count typically indicates a potential rise in oil production, which can affect oil prices and subsequently the performance of oil-related ETFs like USO. However, the impact may be muted due to the small change in the rig count.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70