EIA Weekly Distillates Stocks A Build Of 2.123M Vs A Build Of 0.922M Est.; Build Of 5.075M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly distillates stocks build of 2.123 million barrels, higher than the estimated build of 0.922 million barrels and the prior build of 5.075 million barrels.
June 14, 2023 | 2:31 pm
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NEUTRAL IMPACT
The higher-than-expected distillates stocks build may have a neutral impact on SPY as it reflects mixed market conditions.
The higher distillates stocks build indicates an increase in supply, which could lead to lower oil prices. However, this may not have a significant impact on the overall market and SPY, as it is a broad market ETF.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The distillates stocks build is not directly related to natural gas and is expected to have a neutral impact on UNG.
The distillates stocks build is related to oil products and not natural gas. Therefore, it is not expected to have a direct impact on UNG, which tracks natural gas prices.
CONFIDENCE 80
IMPORTANCE 25
RELEVANCE 25
NEGATIVE IMPACT
The higher-than-expected distillates stocks build may have a negative impact on USO, as it indicates increased supply and potential downward pressure on oil prices.
The higher distillates stocks build indicates an increase in supply, which could lead to lower oil prices. This may have a negative impact on USO, which tracks the performance of oil prices.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 75