Department Of Energy Issues Request For Proposals To Purchase Another 6M Barrels For The Strategic Petroleum Reserve
Portfolio Pulse from Benzinga Newsdesk
The Department of Energy has issued a request for proposals to purchase an additional 6 million barrels for the Strategic Petroleum Reserve, according to Reuters.
July 07, 2023 | 7:11 pm
News sentiment analysis
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NEUTRAL IMPACT
The news may indirectly affect SPY as it tracks a market-cap-weighted index of US large- and midcap stocks, which includes energy companies.
While SPY is not directly involved, it tracks a broad range of stocks including energy companies. The request for additional oil reserves could potentially affect the energy sector and, by extension, SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The news is likely to impact USO, an ETF that tracks the price of West Texas Intermediate light, sweet crude oil.
USO directly tracks the price of oil. The Department of Energy's request for additional oil reserves could potentially increase demand and, therefore, the price of oil, positively impacting USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80