US Oil Rig Count Unchanged At 488, Down 19 YoY; NatGas Rigs Down 1 To 96; Gulf Of Mexico Rigs Down 1, Texas Up 2, Permian Up 1
Portfolio Pulse from Benzinga Newsdesk
The US oil rig count remains unchanged at 488, which is 19 less than the previous year. Natural gas rigs decreased by 1 to 96. In regional changes, Gulf of Mexico rigs decreased by 1, Texas increased by 2, and the Permian Basin saw an increase of 1 rig.
September 20, 2024 | 5:04 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
The unchanged US oil rig count at 488, despite being down 19 year-over-year, may indicate stability in oil production levels, potentially affecting oil prices and the United States Oil Fund (USO).
The unchanged oil rig count suggests stable production levels, which may not significantly impact oil prices in the short term. This stability is relevant for USO, an ETF tracking oil prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80