EIA Says U.S. Total Shale Regions Oil Production For Nov Seen Down About 51,000 Barrels/Day At 9.553M Barrels/Day (Vs 45,000 Barrels/Day Fall In Oct)
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has projected a decrease in total shale oil production across all regions in November by approximately 51,000 barrels per day, reaching 9.553 million barrels per day. This is a larger decrease compared to the 45,000 barrels per day fall in October.
October 16, 2023 | 6:01 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 SPY ETF tracks the S&P 500 index, which includes a significant number of energy companies. A decrease in shale oil production could negatively impact these companies, potentially leading to a decrease in the value of the SPY ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The decrease in shale oil production may impact the USO ETF, which tracks the performance of the price of oil.
The USO ETF tracks the performance of the price of oil. A decrease in shale oil production could lead to a decrease in the supply of oil, potentially leading to an increase in the price of oil and thus the value of the USO ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80