U.S. Energy Information Administration Says U.S. Crude Production In Texas Rose By 1.1% To Monthly Record High Of 5.518M Barrels/Day In June
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) reported that U.S. crude production in Texas rose by 1.1% to a monthly record high of 5.518 million barrels per day in June.
August 31, 2023 | 4:08 pm
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POSITIVE IMPACT
The increase in U.S. crude production could potentially impact the SPY ETF, which includes energy sector stocks.
The SPY ETF includes stocks from the energy sector. An increase in U.S. crude production could potentially lead to higher revenues for these companies, which could positively impact the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the increase in U.S. crude production.
The United States Oil Fund (USO) is directly linked to the price of crude oil. An increase in U.S. crude production could potentially lead to a decrease in oil prices, which could positively impact the performance of the USO ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90