EIA Weekly Distillates Stocks A Draw Of 0.796M Vs A Build Of 0.112M Est.; Draw Of 0.245M Prior
Portfolio Pulse from Happy Mohamed
The Energy Information Administration (EIA) reported a draw of 0.796 million barrels in weekly distillates stocks, compared to an estimated build of 0.112 million barrels and a prior draw of 0.245 million barrels.
August 04, 2023 | 11:28 am
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by the draw in distillates stocks as it can influence the energy sector.
The draw in distillates stocks can influence the energy sector, which is a component of the S&P 500 that the SPY ETF tracks. However, the impact is indirect and depends on other factors as well.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The UNG ETF, which tracks natural gas futures, is unlikely to be directly affected by the draw in distillates stocks.
The UNG ETF tracks natural gas futures, not distillates stocks. Therefore, the draw in distillates stocks is unlikely to have a direct impact on UNG.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
The USO ETF, which tracks oil futures, may be affected by the draw in distillates stocks as it can influence oil prices.
The draw in distillates stocks can influence oil prices, which the USO ETF tracks. However, the impact depends on other factors as well.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70