EIA Weekly Distillates Stocks A Draw Of 0.562M Vs A Build Of 0.057M Est.; Build Of 0.080M Prior
Portfolio Pulse from Happy Mohamed
The EIA reported a weekly draw of 0.562 million barrels in distillates stocks, compared to an estimated build of 0.057 million barrels and a prior build of 0.080 million barrels.
May 24, 2023 | 2:32 pm
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NEUTRAL IMPACT
EIA's unexpected draw in distillates stocks may have a neutral impact on SPY as it reflects mixed market conditions.
The EIA's report of a draw in distillates stocks, contrary to the estimated build, indicates mixed market conditions. This may not have a significant impact on the SPY ETF, which tracks the broader market.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The EIA's distillates stocks report is not directly related to natural gas and is unlikely to impact UNG in the short term.
The EIA's weekly distillates stocks report focuses on petroleum products and does not directly affect natural gas prices or the UNG ETF, which tracks natural gas futures.
CONFIDENCE 90
IMPORTANCE 25
RELEVANCE 25
POSITIVE IMPACT
The unexpected draw in distillates stocks reported by the EIA may have a positive short-term impact on USO, as it could indicate higher demand for petroleum products.
The EIA's report of a draw in distillates stocks, contrary to the estimated build, may indicate higher demand for petroleum products. This could have a positive short-term impact on the USO ETF, which tracks oil prices.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 75