API Weekly Crude Oil Stock 5.202M Vs -1.220M Est.; -6.799M Prior
Portfolio Pulse from Happy Mohamed
API reports a weekly crude oil stock increase of 5.202 million barrels, compared to an estimated decrease of 1.220 million barrels and a prior decrease of 6.799 million barrels.
May 31, 2023 | 8:34 pm
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NEGATIVE IMPACT
The unexpected increase in crude oil stock reported by API may negatively impact the United States Oil Fund (USO) in the short term.
The API report shows a significant increase in crude oil stock, which is contrary to the estimated decrease. This unexpected increase in supply may lead to a decrease in oil prices, which could negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80