EIA Says U.S. Crude Oil Production To Rise By 1.01M Barrels/Day To 12.92M Barrels/Day In 2023 Vs Previously Forecasted Rise Of 870,000 Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, predicting a rise by 1.01 million barrels per day to 12.92 million barrels per day in 2023. This is an increase from the previously forecasted rise of 870,000 barrels per day.
October 11, 2023 | 4:52 pm
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POSITIVE IMPACT
The revised forecast for increased U.S. crude oil production could impact the SPY ETF, which includes energy sector stocks.
The SPY ETF includes stocks from the energy sector. An increase in U.S. crude oil production could lead to increased revenues for these companies, potentially boosting their stock prices and, in turn, the value of the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the revised forecast for increased U.S. crude oil production.
The USO ETF is directly linked to the price of crude oil. An increase in U.S. crude oil production could lead to increased supply, potentially affecting oil prices. However, if the increase in production is due to increased demand, this could support higher oil prices, which would be positive for the USO ETF.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90