U.S. Baker Hughes Oil Rig Count +0, Unchanged At 483; U.S. Baker Hughes Natural Gas Rig Count -2 To 95; U.S. Baker Hughes Total Rig Count 583 Vs 585 Prior
Portfolio Pulse from Benzinga Newsdesk
The latest Baker Hughes report shows that the U.S. oil rig count remains unchanged at 483, while the natural gas rig count decreased by 2 to 95. The total rig count is now 583, down from 585 previously.
August 30, 2024 | 5:05 pm
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NEUTRAL IMPACT
The unchanged U.S. oil rig count at 483 suggests stability in oil production, which may lead to stable oil prices in the short term.
The stability in the oil rig count suggests no immediate change in oil production levels, which is likely to result in stable oil prices, affecting $USO, an ETF tracking oil prices.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The decrease in the U.S. natural gas rig count by 2 may indicate a potential reduction in natural gas supply, which could lead to a short-term increase in natural gas prices.
A decrease in natural gas rigs suggests a potential reduction in future supply, which can lead to higher prices. This is relevant for $UNG, an ETF tracking natural gas prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80