U.S. EIA And LSEG Data Says U.S. Demand For Power Hit A Preliminary Hourly Record High On Monday, The Hottest Day So Far This Summer
Portfolio Pulse from Benzinga Newsdesk
U.S. EIA and LSEG data indicate that U.S. power demand reached a preliminary hourly record high on Monday, the hottest day of the summer so far.
July 16, 2024 | 12:47 pm
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POSITIVE IMPACT
The record high power demand could indicate increased economic activity and higher energy consumption, potentially benefiting the broader market.
Increased power demand often correlates with higher economic activity, which can be positive for the broader market represented by SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The surge in power demand due to extreme heat could lead to higher oil consumption for power generation, potentially boosting oil prices.
Higher power demand, especially during extreme heat, often leads to increased oil consumption for power generation, which can positively impact oil prices and USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50