U.S. Baker Hughes Oil Rig Count -2 To 483 Vs 485 Prior; U.S. Baker Hughes Gas Rig Count +1 To 98; U.S. Baker Hughes Total Rig Count 586 Vs 588 Prior
Portfolio Pulse from Benzinga Newsdesk
The latest Baker Hughes report shows a decrease in the U.S. oil rig count by 2 to 483, while the gas rig count increased by 1 to 98. The total rig count now stands at 586, down from 588 previously.
August 16, 2024 | 5:04 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The increase in the U.S. gas rig count by 1 to 98 could lead to a potential increase in gas supply, which may negatively impact gas prices.
An increase in gas rigs could lead to a higher gas supply, which may put downward pressure on gas prices, negatively impacting the United States Natural Gas Fund (UNG).
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Baker Hughes reported a decrease in the U.S. oil rig count by 2 and an increase in the gas rig count by 1, leading to a total rig count of 586, down from 588.
The mixed changes in oil and gas rig counts are likely to have a neutral short-term impact on Baker Hughes' stock. The decrease in oil rigs may be offset by the increase in gas rigs.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The decrease in the U.S. oil rig count by 2 to 483 could indicate a potential tightening in oil supply, which may positively impact oil prices.
A decrease in oil rigs could lead to a reduction in oil supply, which may support higher oil prices, positively impacting the United States Oil Fund (USO).
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80