EIA Sees 2024 World Oil Demand Of 103.1M Barrels/Day, Vs Prior Forecast 102.9M Barrels/Day; Sees 2025 Demand Of 104.6M Barrels/Day Previously 104.5M Barrels/Day; Sees 2024 U.S. Oil Demand Of 20.3M Barrels/Day, Vs Prior Forecast 20.5M Barrels/Day; Keeps 2025 Demand Forecast Unchanged At 20.6M Barrels/Day
Portfolio Pulse from Benzinga Newsdesk
The EIA has revised its global oil demand forecast for 2024 to 103.1 million barrels per day, up from 102.9 million, and for 2025 to 104.6 million barrels per day, up from 104.5 million. However, the U.S. oil demand forecast for 2024 has been lowered to 20.3 million barrels per day from 20.5 million, with the 2025 forecast remaining unchanged at 20.6 million barrels per day.
September 10, 2024 | 4:09 pm
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NEUTRAL IMPACT
The EIA's oil demand forecasts have a limited direct impact on SPY, but changes in oil prices can influence broader market indices. The slight increase in global demand may have a marginal positive effect.
While the EIA's oil demand forecasts can affect oil prices, the direct impact on SPY is limited. Broader market indices may see slight influence due to changes in energy sector performance.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
POSITIVE IMPACT
The EIA's revised global oil demand forecast for 2024 and 2025 suggests a slight increase, which could positively impact oil prices and the United States Oil Fund (USO). However, the lowered U.S. demand forecast for 2024 may offset some of these gains.
The increase in global oil demand forecasts for 2024 and 2025 suggests a potential rise in oil prices, benefiting USO. However, the reduced U.S. demand forecast for 2024 could limit the upside potential.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80