U.S. Energy Information Administration Says Crude Production In New Mexico Fell By 2.1% To 1.764M Barrels/Day In June, The Lowest Since Nov 2022
Portfolio Pulse from Happy Mohamed
According to the U.S. Energy Information Administration, crude production in New Mexico fell by 2.1% to 1.764M barrels/day in June, marking the lowest level since November 2022.
August 31, 2023 | 4:10 pm
News sentiment analysis
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NEGATIVE IMPACT
The SPY ETF, which has exposure to the energy sector, may be indirectly affected by the decrease in crude production.
The SPY ETF has exposure to the energy sector. A decrease in crude production could potentially lead to a decrease in the value of energy stocks, which could in turn impact the value of the SPY ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The USO ETF, which tracks the price of crude oil, could be directly impacted by the decrease in crude production.
The USO ETF tracks the price of crude oil. A decrease in crude production could potentially lead to an increase in the price of crude oil, which could in turn impact the value of the USO ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80