Energy Information Administration Says U.S. Petroleum Products Supplied Rose Last Week To Its Highest Since Dec 2022
Portfolio Pulse from Happy Mohamed
The Energy Information Administration (EIA) has reported that the supply of U.S. petroleum products has increased to its highest level since December 2022.
August 16, 2023 | 2:50 pm
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NEUTRAL IMPACT
The increase in petroleum supply could potentially impact the SPY ETF, which includes energy sector stocks.
The SPY ETF includes energy sector stocks. An increase in petroleum supply could potentially impact these stocks, and therefore the ETF. However, the exact impact is uncertain and depends on various factors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The increase in petroleum supply is unlikely to have a direct impact on the UNG ETF, which is focused on natural gas.
The UNG ETF is focused on natural gas, not petroleum. Therefore, an increase in petroleum supply is unlikely to have a direct impact on this ETF.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
The increase in petroleum supply could potentially impact the USO ETF, which tracks the price of West Texas Intermediate light, sweet crude oil.
The USO ETF tracks the price of West Texas Intermediate light, sweet crude oil. An increase in petroleum supply could potentially impact the price of this oil, and therefore the ETF. However, the exact impact is uncertain and depends on various factors.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70