U.S. To Buy About 12M Barrels Of Oil In 2023 To Boost Reserves; Total Includes Barrels Already Announced For August, September; U.S. DOE Says Continuing To Seek Opportunities For More Purchases
Portfolio Pulse from Benzinga Newsdesk
The U.S. government plans to purchase approximately 12 million barrels of oil in 2023 to increase its reserves, including barrels already announced for August and September. The Department of Energy (DOE) is actively seeking more opportunities for additional purchases.
June 13, 2023 | 7:37 pm
News sentiment analysis
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NEUTRAL IMPACT
The U.S. government's plan to purchase 12 million barrels of oil in 2023 may have a neutral impact on the SPY ETF, as it reflects the broader market.
The news of the U.S. government purchasing oil in 2023 may not have a direct impact on the SPY ETF, as it is a broad market index. However, it could indirectly affect the energy sector within the index, which may lead to a neutral overall impact.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The U.S. government's plan to purchase 12 million barrels of oil in 2023 may have a positive short-term impact on the USO ETF, as it indicates increased demand for oil.
The news of the U.S. government purchasing oil in 2023 is directly related to the oil market and may lead to increased demand for oil. This could have a positive short-term impact on the USO ETF, which tracks the performance of the oil market.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80