EIA Says U.S. Crude Oil Exports Fell To 3.907M Barrels/Day In Aug (Vs 4.193M Barrels/Day In July); U.S. Total Refined Oil Product Exports Rose To 3.546M Barrels/Day In Aug (Vs 3.063M Barrels/Day In July); U.S. Distillates Fuel Exports Rose To 1.516M Barrels/Day In Aug (Vs 1.344M Barrels/Day In July)
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a decrease in U.S. crude oil exports to 3.907 million barrels per day in August from 4.193 million in July. However, total refined oil product exports increased to 3.546 million barrels per day, and distillates fuel exports rose to 1.516 million barrels per day.
October 31, 2024 | 6:06 pm
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NEGATIVE IMPACT
The decrease in U.S. crude oil exports could negatively impact the United States Oil Fund (USO), as it reflects a potential reduction in demand or logistical challenges.
USO is directly linked to crude oil prices. A decrease in exports might indicate lower demand or supply chain issues, potentially leading to a decrease in oil prices, which could negatively affect USO.
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