EIA Says U.S. Crude Stocks In Strategic Petroleum Reserve Fall In Latest Week To Lowest Since August 1983
Portfolio Pulse from Happy Mohamed
The U.S. Energy Information Administration (EIA) has reported that U.S. crude stocks in the Strategic Petroleum Reserve have fallen to their lowest level since August 1983.
July 06, 2023 | 3:06 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by the decrease in U.S. crude stocks as energy companies are a significant part of the index.
The SPY ETF tracks the S&P 500, which includes a number of energy companies. A decrease in U.S. crude stocks could impact these companies, and therefore the ETF, but the correlation is not direct and there are many other factors at play.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The USO ETF, which tracks the price of oil, could be directly impacted by the decrease in U.S. crude stocks.
The USO ETF tracks the price of oil. A decrease in U.S. crude stocks could lead to an increase in the price of oil, which would likely have a positive impact on the ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90