USA Crude Oil Inventories A Draw Of 12.456M Vs A Draw Of 0.920M Est.; Build Of 5.040M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories reported a draw of 12.456 million barrels, significantly higher than the estimated draw of 0.920 million barrels and the prior build of 5.040 million barrels.
May 24, 2023 | 2:31 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be positively impacted by the larger-than-expected draw in crude oil inventories.
The larger-than-expected draw in crude oil inventories indicates a higher demand for oil, which may lead to an increase in oil prices. As USO tracks the daily price movements of West Texas Intermediate (WTI) crude oil, a rise in oil prices would likely result in a positive impact on USO's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100