EIA Forecasts U.S. Oil Output To Grow By 470,000 Barrels/Day In 2025, Vs Previous Forecast Of 530,000 Barrels/Day; Lowers U.S. Oil Production Forecast For 2025 To 13.71M Barrels/Day, Vs Previous Forecast Of 13.73M Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
The EIA has revised its forecast for U.S. oil output growth in 2025, lowering it to 470,000 barrels/day from the previous 530,000 barrels/day. Additionally, the overall U.S. oil production forecast for 2025 has been slightly reduced to 13.71 million barrels/day from 13.73 million barrels/day.
June 11, 2024 | 4:19 pm
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NEGATIVE IMPACT
The revised EIA forecast for lower U.S. oil output growth and total production in 2025 may have a minor impact on the SPDR S&P 500 ETF (SPY), as energy sector stocks could see some pressure.
While the overall impact on SPY may be limited, the energy sector within the S&P 500 could experience some negative pressure due to the revised lower oil output forecasts.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The EIA's revised forecast for lower U.S. oil output growth and total production in 2025 could impact the United States Oil Fund (USO), potentially leading to a short-term decrease in oil prices.
The reduction in the forecasted growth and total production of U.S. oil suggests a potential oversupply concern, which could lead to a decrease in oil prices. This would negatively impact USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80