U.S. Energy Information Administration Says Crude Oil Production In June Rose 1.6% To 12.844M Barrels/Day, Highest Since Feb 2020
Portfolio Pulse from Happy Mohamed
According to the U.S. Energy Information Administration (EIA), crude oil production in June increased by 1.6% to 12.844 million barrels per day, marking the highest level since February 2020.
August 31, 2023 | 4:07 pm
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POSITIVE IMPACT
The rise in crude oil production could potentially impact the SPY ETF, which has energy sector exposure.
The SPY ETF has exposure to the energy sector. Therefore, an increase in crude oil production, which could lead to a rise in energy stocks, may positively impact the ETF's performance.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the increase in crude oil production.
The USO ETF is directly linked to the price of crude oil. Therefore, an increase in production, which could potentially lead to a rise in oil prices, may positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80