EIA Says U.S. Total Shale Regions Oil Production For August Seen Down About 18,000 Barrels/Day At 9.399M Barrels/Day (Vs 5,900 Barrels/Day Rise In July)
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) has projected that total shale oil production in the U.S. will decrease by approximately 18,000 barrels per day in August, reaching 9.399 million barrels per day. This is a significant shift from the 5,900 barrels per day increase observed in July.
July 17, 2023 | 6:06 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by this news as it includes energy companies that could be impacted by changes in oil production.
The SPY ETF tracks the S&P 500, which includes energy companies. A decrease in oil production could impact these companies' revenues and thus the ETF's performance, but the effect is likely to be indirect and moderate.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The UNG ETF, which tracks natural gas futures, is unlikely to be directly affected by this news as it pertains to oil production, not natural gas.
The UNG ETF tracks natural gas futures, not oil. Therefore, changes in oil production are unlikely to have a direct impact on this ETF.
CONFIDENCE 90
IMPORTANCE 20
RELEVANCE 20
NEGATIVE IMPACT
The USO ETF, which tracks oil futures, could be negatively impacted by this news as a decrease in oil production could lead to a decrease in oil prices.
The USO ETF tracks oil futures. A decrease in oil production could lead to a decrease in oil prices, which would negatively impact this ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80