USA Crude Oil Inventories A Draw Of 0.708M Vs A Draw Of 2.440M Est.; Build Of 5.946M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories have seen a draw of 0.708M, which is less than the estimated draw of 2.440M and significantly less than the prior build of 5.946M.
July 19, 2023 | 2:31 pm
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NEGATIVE IMPACT
The lower than expected draw in crude oil inventories may impact SPY, as energy sector is a significant part of the index.
The SPY ETF tracks the S&P 500 index, which includes companies from the energy sector. A lower than expected draw in crude oil inventories indicates a potential oversupply, which could lead to lower oil prices and negatively impact energy companies and, by extension, the SPY ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The lower than expected draw in crude oil inventories may negatively impact USO, as it tracks the performance of crude oil.
The USO ETF tracks the performance of crude oil. A lower than expected draw in crude oil inventories indicates a potential oversupply, which could lead to lower oil prices and negatively impact the USO ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100