EIA Says U.S. Crude Oil Production Is Expected To Rise By 330,000 Barrels/Day To 13.09M Barrels/Day In 2024 (Versus Previously Forecasted Rise Of 290,000Barrels/Day)
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, now expecting it to rise by 330,000 barrels/day to 13.09 million barrels/day in 2024. This is an increase from the previously forecasted rise of 290,000 barrels/day.
August 08, 2023 | 4:12 pm
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POSITIVE IMPACT
The revised forecast for increased U.S. crude oil production could impact the SPY ETF, which includes energy sector stocks.
The SPY ETF includes stocks from the energy sector. An increase in U.S. crude oil production could lead to increased revenues for these companies, potentially boosting their stock prices and, in turn, the value 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 forecast for increased U.S. crude oil production.
The USO ETF is directly linked to the price of crude oil. An increase in U.S. crude oil production could lead to increased supply, potentially putting downward pressure on oil prices. However, the increased production could also signal increased demand, which could offset the potential price decrease.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90