On Friday, January 30, Baker Hughes, a U.S. energy services company, stated in its closely watched report that the total number of U.S. oil and gas rigs, a leading indicator of future production, increased by 2 to 546 for the week ending January 30, reaching the highest level since December of last year.
PriceSeek Analysis
Crude Oil, Bull-Bear Score: -1
The U.S. oil rig count increased by 2 to 546, the highest level since December of last year, indicating potential growth in future crude oil supply and exerting downward pressure on spot prices. The expectation of increased supply has heightened bearish sentiment in the market, with a score indicating a moderate bearish outlook.
Natural Gas, Bull-Bear Score: -1
The U.S. natural gas rig count also increased, serving as a leading indicator of future production and suggesting a potential rise in supply, which is bearish for natural gas spot prices. Market expectations of looser supply have intensified downward pressure on prices, with a score indicating a moderate bearish outlook.
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