Distillate Fuel Production A Draw Of 251K Vs Build Of 2K Expected
Portfolio Pulse from Benzinga Newsdesk
The production of distillate fuel has seen a draw of 251K, compared to an expected build of 2K. This could potentially impact the price of oil and related ETFs such as USO.
July 26, 2023 | 2:31 pm
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The unexpected draw in distillate fuel production could potentially lead to an increase in oil prices, which would likely benefit USO, an ETF that tracks the price of oil.
Distillate fuel is a major component of oil. A draw in its production, especially when a build was expected, could lead to a decrease in supply and therefore an increase in oil prices. As USO tracks the price of oil, it would likely benefit from this increase.
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