U.S. Energy Information Administration Says U.S. Crude Oil Production In August Rose 0.7% To 13.05M Barrels/Day, A New Monthly Record
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration reported that U.S. crude oil production in August increased by 0.7% to 13.05 million barrels per day, setting a new monthly record.
October 31, 2023 | 4:05 pm
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NEGATIVE IMPACT
The increase in U.S. crude oil production could potentially impact the USO ETF, which tracks the price of crude oil.
The USO ETF tracks the price of crude oil. An increase in U.S. crude oil production could potentially lead to lower oil prices due to increased supply, which might negatively impact the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
The increase in U.S. crude oil production could potentially impact the SPY ETF, which has energy sector exposure.
The SPY ETF has exposure to the energy sector. Therefore, an increase in U.S. crude oil production, which could potentially lead to lower oil prices, might have a positive impact on the energy companies within the ETF, and hence the ETF itself.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70