As the name suggests, the value reflects the number of drilling rigs in the USA that Baker Hughes has published since 1944, always on the last working day of the week, usually Fridays, at 12 noon. This value is an important business barometer for the oil and natural gas drilling industry and its suppliers. When drilling rigs are active, they consume products and services of the corresponding service industry. However, technical developments have increased the efficiency of drilling rigs. Therefore it is not easy to deduce a weakness in this industry because of a declining number of rigs. Especially in conjunction with other metrics, it remains a leading indicator of demand for oil and natural gas products.
This value is therefore also an indication of the state of the US economy with a possible impact on the USD.
The chart of the entire available history of the "Baker Hughes United States Total Rig Count" macroeconomic indicator.
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