EIA Rig Productivity Report Says U.S. Bakken Oil Production For Jan Seen Up 1,700 BPD At 1.308M BPD (Vs 1,100 BPD Rise In Dec); U.S. Eagle Ford Oil Production For Jan Seen Down 1,500 BPDAt 1.149M BPD (Vs 3,000 BPD Fall In Dec)
Portfolio Pulse from Benzinga Newsdesk
The EIA Rig Productivity Report indicates an increase in U.S. Bakken oil production for January by 1,700 barrels per day (BPD) to 1.308 million BPD, compared to a 1,100 BPD rise in December. Conversely, U.S. Eagle Ford oil production is expected to decrease by 1,500 BPD to 1.149 million BPD, which is a smaller decline than the 3,000 BPD fall in December.

December 18, 2023 | 7:08 pm
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NEUTRAL IMPACT
The United States Oil Fund (USO) may experience short-term price fluctuations due to the EIA Rig Productivity Report showing changes in U.S. oil production, with Bakken increasing and Eagle Ford decreasing in January.
The EIA Rig Productivity Report's impact on USO is moderate as it reflects changes in oil production, which can influence oil prices and thus the performance of USO. However, the mixed direction of production changes (increase in Bakken, decrease in Eagle Ford) may result in a neutral overall effect in the short term, as the market absorbs the data. The relevance is high because USO is directly tied to the performance of the oil market, but the importance is not at the highest level because monthly production changes are just one of many factors affecting oil prices.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70