EIA Says U.S. Total Petroleum Consumption Is Expected To Rise By 100,000 Barrels/Day To 20.2M Barrels/Day In 2024 Vs Previous Forecast Of 200,000 Barrels/Day Increase; OPEC+ Members To Decrease Crude Oil Output By 300,000 Barrels/Day In 2024 Versus 2023
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has revised its forecast for total petroleum consumption in the U.S., now expecting it to rise by 100,000 barrels/day to 20.2 million barrels/day in 2024, down from a previous forecast of a 200,000 barrels/day increase. Additionally, OPEC+ members are expected to decrease crude oil output by 300,000 barrels/day in 2024 compared to 2023.
October 11, 2023 | 4:55 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by these changes in oil production and consumption forecasts. Changes in oil prices can impact the broader market and economy.
While SPY does not directly track oil prices or production, changes in these factors can have broad impacts on the economy and thus the companies that make up the S&P 500. However, the exact impact is uncertain and will depend on a variety of other factors.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The USO ETF, which tracks oil prices, could be directly impacted by these changes in oil production and consumption forecasts. A decrease in production could lead to higher oil prices, potentially benefiting USO.
USO directly tracks oil prices, so changes in production and consumption can have a direct impact on its value. The expected decrease in OPEC+ production could lead to higher oil prices, potentially benefiting USO.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100