EIA Says U.S. Permian Basin Oil Production For Feb Seen Up 5,500 Barrels/Day At 5.974M Barrels/Day (Vs 6,200 Barrels/Day Rise In Jan)
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) reported that oil production in the Permian Basin for February is expected to increase by 5,500 barrels per day, reaching a total of 5.974 million barrels per day. This is a slight decrease from the 6,200 barrels per day rise seen in January.
January 16, 2024 | 6:32 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects from the EIA's report on Permian Basin oil production due to its holdings in energy sector companies.
While the SPY ETF is diversified across various sectors, the energy sector's performance, influenced by oil production numbers, can impact the ETF's overall performance. However, the change in production is relatively small, and SPY's broad diversification dilutes the impact of sector-specific news.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The United States Oil Fund (USO), which tracks the price of crude oil, may be directly impacted by the EIA's report indicating a slight increase in oil production in the Permian Basin.
The United States Oil Fund's performance is closely tied to crude oil prices, which can be affected by changes in oil production. However, the reported increase is modest and is unlikely to cause significant price movements in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 80