EIA Says U.S. Total Shale Regions Oil Production For Oct Seen Down About 41,000 Barrels/Day At 9.391M Barrels/ Day Vs 27,000 Barrels/Day Fall In Sept
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has projected a decrease in total shale oil production for October by about 41,000 barrels per day, bringing it to 9.391 million barrels per day. This is a larger decrease compared to the 27,000 barrels per day fall in September.
September 18, 2023 | 6:08 pm
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NEGATIVE IMPACT
The decrease in shale oil production may impact the SPY ETF, which tracks the S&P 500 index, as energy companies are a significant part of the index.
The decrease in shale oil production could lead to a decrease in the profitability of energy companies, which could negatively impact the overall S&P 500 index that SPY tracks.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The decrease in shale oil production may not have a direct impact on the UNG ETF, which tracks natural gas futures, unless it affects natural gas production.
The decrease in shale oil production does not directly impact natural gas production, which the UNG ETF tracks. However, if the decrease in oil production leads to a decrease in natural gas production, it could impact the UNG ETF.
CONFIDENCE 60
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
The decrease in shale oil production may impact the USO ETF, which tracks oil futures, as a decrease in production could lead to an increase in oil prices.
The decrease in shale oil production could lead to a decrease in the supply of oil, which could lead to an increase in oil prices. This could positively impact the USO ETF, which tracks oil futures.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 80