EIA Says U.S. Crude Oil Production To Rise By 850,000 Barrels/Day To 12.76M Barrels In 2023 (Versus Previously Forecasted Rise Of 670,000 Barrels/Day)
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, predicting an increase of 850,000 barrels per day to 12.76 million barrels in 2023. This is a significant increase from the previously forecasted rise of 670,000 barrels per day.
August 08, 2023 | 4:11 pm
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POSITIVE IMPACT
The revised forecast by EIA could impact the SPY ETF, which has exposure to energy sector stocks. A rise in crude oil production could potentially boost the performance of these stocks.
The SPY ETF has exposure to energy sector stocks. A rise in crude oil production could lead to increased revenues for these companies, potentially boosting their stock prices and, in turn, the performance of the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the revised EIA forecast. An increase in crude oil production could potentially lead to a rise in the price of oil, benefiting the USO ETF.
The USO ETF tracks the price of oil. An increase in crude oil production could potentially lead to a rise in the price of oil, which would benefit the USO ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90