USA Crude Oil Inventories A Build Of 4.488M Vs A Draw Of 1.101M Est.; Draw Of 12.456M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories reported a build of 4.488 million barrels, compared to an estimated draw of 1.101 million barrels and a prior draw of 12.456 million barrels.
June 01, 2023 | 3:00 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories may negatively impact the broader market, including the SPY ETF.
The unexpected build in crude oil inventories can lead to lower oil prices, which may negatively affect the energy sector and the broader market. As SPY is a market-cap-weighted ETF, it may be impacted by the decline in the energy sector.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The unexpected build in crude oil inventories may lead to lower oil prices, negatively impacting the USO ETF.
The unexpected build in crude oil inventories can lead to lower oil prices due to increased supply. As USO is an ETF that tracks the performance of West Texas Intermediate (WTI) crude oil, it may be negatively impacted by the decline in oil prices.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100