USA Crude Oil Inventories A Draw Of 9.603M Vs A Draw Of 1.757M Est.; Draw Of 3.831M Prior
Portfolio Pulse from Happy Mohamed
USA Crude Oil Inventories reported a draw of 9.603 million barrels, significantly higher than the estimated draw of 1.757 million barrels and the prior draw of 3.831 million barrels.
June 28, 2023 | 2:36 pm
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POSITIVE IMPACT
The larger than expected draw in crude oil inventories may impact SPY, as energy sector is a significant part of the S&P 500.
The S&P 500 (SPY) includes a significant portion of energy companies. A larger than expected draw in crude oil inventories indicates higher demand or lower supply, which could lead to higher oil prices and potentially benefit energy companies in the S&P 500.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The larger than expected draw in crude oil inventories may impact USO, as it tracks the price of crude oil.
The United States Oil Fund (USO) tracks the price of crude oil. A larger than expected draw in crude oil inventories indicates higher demand or lower supply, which could lead to higher oil prices and potentially benefit USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100