EIA Says Total U.S. Refining Capacity Grows By More Than 100,000 Barrels/Day, Reversing Two Years Of Declines
Portfolio Pulse from Happy Mohamed
The EIA reports that total U.S. refining capacity has grown by over 100,000 barrels per day, reversing two years of declines.
June 21, 2023 | 3:05 pm
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POSITIVE IMPACT
The growth in U.S. refining capacity may positively impact the broader market, including the SPY ETF.
The increase in refining capacity indicates a potential growth in the energy sector, which can have a positive effect on the broader market. As SPY is a market-cap-weighted index, it may benefit from this growth.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The increase in U.S. refining capacity may have a positive impact on the United States Oil Fund (USO) ETF.
The growth in refining capacity suggests a potential increase in demand for oil, which may lead to higher oil prices. As USO tracks the daily price movements of West Texas Intermediate crude oil, it may benefit from this growth.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80