USA Crude Oil Inventories A Draw Of 1.508M Vs A Draw Of 0.983M Est.; Draw Of 9.603M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories have reported a draw of 1.508M, which is higher than the estimated draw of 0.983M and significantly lower than the prior draw of 9.603M.
July 06, 2023 | 3:02 pm
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NEUTRAL IMPACT
The higher than expected draw in crude oil inventories may impact SPY as it reflects the overall market.
SPY, being an ETF that tracks the S&P 500, is influenced by a wide range of factors, including crude oil prices. A higher than expected draw in crude oil inventories indicates a potential increase in demand or decrease in supply, which could impact the overall market and thus SPY. However, the impact is not direct and depends on various other factors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The higher than expected draw in crude oil inventories may have a positive impact on USO, which tracks the price of crude oil.
USO, being an ETF that tracks the price of crude oil, is directly impacted by changes in crude oil inventories. A higher than expected draw indicates a potential increase in demand or decrease in supply, which could lead to an increase in crude oil prices and thus positively impact USO.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90