Energy Information Administration Says U.S. Refiner Net Input Of Crude Oil Last Week Rose To Its Highest Since Jan 2020
Portfolio Pulse from Happy Mohamed
The Energy Information Administration (EIA) has reported that the U.S. refiner net input of crude oil last week reached its highest level since January 2020.
August 16, 2023 | 2:45 pm
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POSITIVE IMPACT
The SPY ETF, which tracks the S&P 500, may be impacted by this news as the energy sector is a significant part of the index.
The SPY ETF tracks the S&P 500, which includes many energy companies. As the U.S. refiner net input of crude oil increases, this could potentially lead to higher revenues for these companies, which could in turn boost the overall index.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The USO ETF, which tracks the price of crude oil, could see a positive impact from this news as increased refiner input could indicate higher demand for crude oil.
The USO ETF tracks the price of crude oil. An increase in U.S. refiner net input of crude oil could indicate higher demand, which could potentially lead to an increase in the price of crude oil and therefore the USO ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80