U.S. EIA Says Oil And Petroleum Products Demand Rose In April To 20M Barrels/Day, Highest Since Dec 2023
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) reported that demand for oil and petroleum products rose to 20 million barrels per day in April, the highest level since December 2023.
June 28, 2024 | 3:14 pm
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POSITIVE IMPACT
The increase in oil and petroleum products demand could positively impact the broader market, as represented by SPY, due to potential economic growth.
Higher demand for oil and petroleum products often correlates with economic expansion, which can positively affect the broader market index SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
USO, an ETF that tracks oil prices, is likely to see a positive impact due to the increased demand for oil and petroleum products.
USO directly tracks oil prices, and increased demand for oil typically leads to higher oil prices, benefiting USO.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100