EIA Says Global Oil Inventories To Fall By 200,000 Barrels/Day In 2H 2023 From Saudi Output Cuts, Reduced OPEC+ Output Targets; EIA Increases Brent Crude Spot Price Forecast In 2024 To $94.91/Barrel From $88.22/Barrel
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) predicts a decrease in global oil inventories by 200,000 barrels/day in the second half of 2023 due to Saudi output cuts and reduced OPEC+ output targets. The EIA also increased its Brent Crude spot price forecast for 2024 to $94.91/barrel from $88.22/barrel.
October 11, 2023 | 5:02 pm
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POSITIVE IMPACT
The SPY ETF, which has exposure to energy companies, may be impacted by the forecasted decrease in oil inventories and the increase in Brent Crude spot price.
The SPY ETF has exposure to energy companies, which are likely to be affected by changes in oil prices. The forecasted decrease in oil inventories and increase in Brent Crude spot price could lead to higher revenues for these companies, potentially boosting the ETF's performance.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The USO ETF, which tracks the price of oil, is likely to be directly impacted by the forecasted decrease in oil inventories and the increase in Brent Crude spot price.
The USO ETF directly tracks the price of oil. The forecasted decrease in oil inventories and increase in Brent Crude spot price could lead to an increase in the price of oil, potentially boosting the ETF's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100