North Dakota Expects 1-2% In State Oil Production Growth For 2023, With Oil Prices In $70-$75/Barrel Range
Portfolio Pulse from Benzinga Newsdesk
North Dakota's state regulator expects a 1-2% growth in state oil production for 2023, with oil prices in the $70-$75/barrel range.
June 13, 2023 | 8:20 pm
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POSITIVE IMPACT
The expected growth in North Dakota's oil production and the projected oil price range of $70-$75/barrel may have a positive impact on the USO ETF.
The USO ETF is directly tied to the performance of the oil industry. The expected growth in North Dakota's oil production and the projected oil price range of $70-$75/barrel may lead to increased demand for the ETF, resulting in a positive impact on its price.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 80
NEUTRAL IMPACT
North Dakota's oil production growth may have a minor impact on the broader market, as represented by the SPY ETF.
As North Dakota's oil production growth is relatively small, it may not have a significant impact on the broader market. However, the SPY ETF, which represents the broader market, could still be affected to some extent by changes in the oil industry.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50