U.S. EIA Raises Forecast For 2024 World Oil Demand Growth By 30,000 Barrels/Day, Now Sees 1.42M Barrels/Day YoY Increase; Raises Forecast For 2025 World Oil Demand Growth By 80,000 Barrels/Day, Now Sees 1.29M Barrels/Day YoY Increase
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has updated its forecast for world oil demand growth, increasing the 2024 forecast by 30,000 barrels per day to a year-over-year increase of 1.42 million barrels per day. For 2025, the forecast has been raised by 80,000 barrels per day, resulting in a year-over-year increase of 1.29 million barrels per day.
February 06, 2024 | 5:09 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect effects from the EIA's updated oil demand forecasts due to its exposure to energy sector companies.
SPY, being a broad market ETF, includes significant holdings in the energy sector. The raised forecasts for oil demand growth could lead to higher energy prices, potentially boosting the performance of energy companies within SPY's portfolio.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund, LP (USO) is likely to be directly impacted by the EIA's increased oil demand forecasts for 2024 and 2025, potentially leading to higher oil prices.
USO directly tracks the price of oil. The EIA's forecast for increased oil demand suggests a potential rise in oil prices, which would likely result in a positive impact on USO's performance.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90