U.S. Baker Hughes Oil Rig Count -5 To 479 Vs 484 Prior; U.S. Baker Hughes NatGas Rig Count +3 At 102; U.S. Baker Hughes Total Rig Count 585 Vs 587 Prior
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The latest Baker Hughes report shows a decrease in the U.S. oil rig count by 5 to 479, while the natural gas rig count increased by 3 to 102. The total rig count is now 585, down from 587 previously.
October 04, 2024 | 5:02 pm
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POSITIVE IMPACT
The decrease in U.S. oil rig count by 5 may indicate a potential reduction in oil supply, which could lead to upward pressure on oil prices, positively impacting USO.
A decrease in oil rigs suggests a potential reduction in future oil supply, which can lead to higher oil prices. USO, being an oil ETF, is likely to benefit from rising oil prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The increase in U.S. natural gas rig count by 3 suggests a potential rise in natural gas supply, which could exert downward pressure on natural gas prices, affecting UNG negatively.
An increase in natural gas rigs suggests a potential increase in future natural gas supply, which can lead to lower natural gas prices. UNG, being a natural gas ETF, might be negatively impacted by falling prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80