U.S. EIA Says Total Petroleum Consumption To Rise By 200,000 Barrels/Day To 20.6M Barrels/Day In 2025(Vs Previously Forecasted Rise Of 100,000 Barrels/Day)
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has revised its forecast for total petroleum consumption, predicting an increase of 200,000 barrels per day to reach 20.6 million barrels per day by 2025. This is a significant adjustment from the previously forecasted rise of 100,000 barrels per day.
March 12, 2024 | 5:33 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) may see a positive impact due to the EIA's revised forecast for increased petroleum consumption, indicating a stronger than expected economic activity.
SPY, which tracks the S&P 500, could benefit from the positive economic implications of increased petroleum consumption. Higher energy demand often correlates with stronger economic activity, which can boost investor sentiment and stock prices.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) is likely to experience a direct positive impact from the EIA's forecast of increased petroleum consumption, suggesting higher demand for oil.
USO, which aims to track the daily price movements of West Texas Intermediate (WTI) light, sweet crude oil, stands to gain directly from increased petroleum consumption. Higher demand for oil typically leads to higher oil prices, benefiting USO's performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90