EIA Weekly Distillates Stocks A Build Of 5.075M Vs A Build Of 1.328M Est.; Build Of 0.985M Prior
Portfolio Pulse from Happy Mohamed
The EIA reported a weekly distillates stocks build of 5.075 million, significantly higher than the estimated 1.328 million and the prior week's build of 0.985 million.
June 07, 2023 | 2:40 pm
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NEGATIVE IMPACT
The higher distillates stocks build may put downward pressure on oil prices, potentially impacting the USO ETF.
The higher distillates stocks build reported by the EIA may put downward pressure on oil prices, as it indicates an oversupply in the market. This could potentially impact the USO ETF, which tracks oil prices.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 75
NEUTRAL IMPACT
Higher distillates stocks build may impact the energy sector, potentially affecting the SPY ETF.
The higher distillates stocks build reported by the EIA may impact the energy sector, which is a component of the SPY ETF. However, the overall impact on the ETF may be limited due to its diversified nature.
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 UNG 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