U.S. Energy Information Administration Says Crude Production In North Dakota Rose By 3.3% To 1.155M Barrels/Day In June, Highest Since Dec 2020
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration reports a 3.3% increase in crude production in North Dakota to 1.155M barrels/day in June, the highest since December 2020.
August 31, 2023 | 4:09 pm
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POSITIVE IMPACT
The rise in crude production could potentially impact the SPY ETF, which has energy sector exposure.
SPY ETF has exposure to the energy sector. The increase in crude production, which indicates a potential increase in energy sector activity, could have a positive impact on the ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The increase in crude production could potentially impact the USO ETF, which tracks the price of crude oil.
USO ETF tracks the price of crude oil. The increase in crude production, which could potentially lead to a decrease in oil prices due to increased supply, could have a negative impact on the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80