USA Crude Oil Inventories A Draw Of 3.831M Vs A Build Of 1.873M Est.; Build Of 7.919M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories report a draw of 3.831 million barrels, compared to an estimated build of 1.873 million barrels and a prior build of 7.919 million barrels.
June 22, 2023 | 3:02 pm
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POSITIVE IMPACT
The unexpected draw in crude oil inventories may have a positive impact on the broader market, including the SPY ETF.
The draw in crude oil inventories indicates a higher demand for oil, which can lead to higher energy prices and potentially benefit the broader market. This may have a positive impact on the SPY ETF, which tracks the S&P 500.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The unexpected draw in crude oil inventories may lead to higher oil prices, positively impacting the USO ETF.
The draw in crude oil inventories indicates a higher demand for oil, which can lead to higher oil prices. This may have a positive impact on the USO ETF, which tracks the performance of West Texas Intermediate (WTI) crude oil.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90