EIA Rig Productivity Report Says U.S. Permian Basin Oil Production For Jan Seen Up 4,600 BPD At 5.986M BPD (Vs 5,200 BPD Rise In Dec)
Portfolio Pulse from Benzinga Newsdesk
The EIA Rig Productivity Report indicates an increase in U.S. Permian Basin oil production for January, with a rise of 4,600 barrels per day (BPD), reaching a total of 5.986 million BPD. This is a slight decrease from the 5,200 BPD rise seen in December.
December 18, 2023 | 7:09 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may experience a positive short-term impact due to the reported increase in oil production from the Permian Basin, as it reflects potential growth in the underlying commodity that USO tracks.
The United States Oil Fund (USO) is an exchange-traded fund that aims to track the daily price movements of West Texas Intermediate light, sweet crude oil. An increase in production from the Permian Basin suggests a potential increase in supply, which could influence oil prices and thus the performance of USO. However, the impact on USO will also depend on broader market trends, global supply and demand dynamics, and investor sentiment.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70