EIA Says U.S. Crude Oil Production Is Expected To Rise By 200,000 Barrels/Day To 13.12M Barrels/Day In 2024 Vs Previously Forecasted Rise Of 380,000 Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has revised its forecast for U.S. crude oil production, now expecting it to rise by 200,000 barrels/day to 13.12M barrels/day in 2024. This is a significant decrease from the previously forecasted rise of 380,000 barrels/day.
October 11, 2023 | 4:54 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by this news as it includes companies from the energy sector. The reduced forecast for oil production could impact these companies' revenues and thus the ETF's performance.
The SPY ETF includes companies from the energy sector. A decrease in the forecasted rise of oil production could potentially impact these companies' revenues and thus the ETF's performance. However, the impact is indirect and there are many other factors at play, hence the neutral score.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The USO ETF, which tracks the performance of crude oil, could be directly impacted by this news. The reduced forecast for oil production could lead to changes in oil prices and thus the ETF's performance.
The USO ETF directly tracks the performance of crude oil. A decrease in the forecasted rise of oil production could potentially lead to changes in oil prices and thus the ETF's performance. However, the impact is uncertain as it depends on various other factors, hence the neutral score.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80