EIA Expects U.S. Petroleum And Other Liquid Fuels Consumption To Grow By 100,000 Barrels/Day In 2024 (Vs Previous Forecast Of 200,000 Barrels/Day Growth); Now Expects U.S. Petroleum And Other Liquids Consumption Growth Of 300,000 Barrels/Day In 2025 (Vs Previous Forecast Of 200,000 Barrels/Day Growth)
Portfolio Pulse from Benzinga Newsdesk
The EIA has revised its forecast for U.S. petroleum and other liquid fuels consumption. The growth for 2024 is now expected to be 100,000 barrels/day, down from the previous forecast of 200,000 barrels/day. However, the growth for 2025 has been revised upwards to 300,000 barrels/day from the previous forecast of 200,000 barrels/day.
June 11, 2024 | 4:19 pm
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NEUTRAL IMPACT
The revised EIA forecast for petroleum consumption could have a broader impact on the energy sector, which is a component of the SPY ETF. The mixed outlook may lead to short-term fluctuations in SPY.
The energy sector is a significant component of the SPY ETF. The revised EIA forecast, with lower growth in 2024 and higher growth in 2025, could lead to short-term fluctuations in SPY as investors reassess the energy sector's outlook.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 60
NEUTRAL IMPACT
The EIA's revised forecast indicates a lower growth in petroleum consumption for 2024 but a higher growth for 2025. This mixed outlook could lead to short-term volatility in USO prices.
The mixed revisions in the EIA's forecast for petroleum consumption suggest that while there may be a short-term negative impact due to the lower 2024 growth, the higher 2025 growth could offset this. This could lead to volatility in USO prices as the market adjusts to the new forecasts.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80