U.S. Baker Hughes Oil Rig Count -6 To 479; U.S. Baker Hughes Gas Rig Count -1; U.S. Baker Hughes Total Rig Count 581 Vs 588 Prior
Portfolio Pulse from Benzinga Newsdesk
The latest Baker Hughes report shows a decrease in the U.S. oil rig count by 6 to 479 and a decrease in the gas rig count by 1. The total rig count now stands at 581, down from 588 in the previous report.
June 28, 2024 | 5:05 pm
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POSITIVE IMPACT
The decrease in the U.S. gas rig count by 1 could lead to a potential increase in natural gas prices, positively impacting UNG.
A decrease in gas rig count can lead to lower supply, potentially increasing natural gas prices, which would benefit UNG.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
The decrease in the U.S. oil rig count by 6 could lead to a potential increase in oil prices, positively impacting USO.
A decrease in oil rig count can lead to lower supply, potentially increasing oil prices, which would benefit USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The decrease in the U.S. rig count may indicate a potential slowdown in energy production, which could impact the broader market represented by SPY.
A decrease in rig count can signal lower energy production, which might affect the broader market. However, the impact on SPY is likely to be neutral in the short term as it is a diversified ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50