USA Crude Oil Inventories A Build Of 7.919M Vs A Build Of 1.482M Est.; Draw Of 0.451M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories reported a build of 7.919 million barrels, significantly higher than the estimated 1.482 million barrels and the prior draw of 0.451 million barrels.
June 14, 2023 | 2:30 pm
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NEGATIVE IMPACT
Higher crude oil inventories may negatively impact the energy sector, potentially affecting the S&P 500 ETF (SPY).
Higher crude oil inventories indicate an oversupply in the market, which can lead to lower oil prices. This may negatively impact the energy sector, which is a component of the S&P 500 ETF (SPY).
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) may be negatively impacted by the higher-than-expected crude oil inventory build.
The United States Oil Fund (USO) tracks the daily price movements of West Texas Intermediate (WTI) crude oil. A higher-than-expected inventory build indicates an oversupply, which can lead to lower oil prices and negatively impact USO.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100