API Weekly Crude Stock: 15.4M Barrel Draw vs 900K Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude stock draw of 15.4 million barrels, significantly higher than the estimated 900,000 barrels.
August 04, 2023 | 10:28 am
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The United States Oil Fund (USO) may be impacted by the larger than expected draw in crude stock reported by API.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. A larger than expected draw in crude stock indicates higher demand or lower supply, which could lead to an increase in crude oil prices. As USO aims to track the price of crude oil, its value may increase in response to this news.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80