EIA Weekly Distillates Stocks Build Of 0.985M Vs Draw Of 0.118M Est.; A Draw Of 0.562M Prior
Portfolio Pulse from Happy Mohamed
The EIA reported a weekly distillates stocks build of 0.985 million barrels, compared to an estimated draw of 0.118 million barrels and a prior draw of 0.562 million barrels.
June 01, 2023 | 3:02 pm
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NEGATIVE IMPACT
The unexpected build in distillates stocks may have a negative impact on oil prices and the USO ETF in the short term.
The EIA report shows an unexpected build in distillates stocks, which may lead to a negative impact on oil prices. As the USO ETF tracks oil prices, it is likely to be affected by this news in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 75
NEUTRAL IMPACT
The unexpected build in distillates stocks may impact the broader market, including the SPY ETF.
The EIA report shows an unexpected build in distillates stocks, which may influence the broader market. However, the impact on the SPY ETF is likely to be limited as it is a diversified fund.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The EIA report on distillates stocks is not directly related to natural gas, so the impact on the UNG ETF is expected to be minimal.
The EIA report focuses on distillates stocks, which are not directly related to natural gas. Therefore, the impact on the UNG ETF, which tracks natural gas prices, is expected to be minimal.
CONFIDENCE 90
IMPORTANCE 25
RELEVANCE 25