EIA Weekly Distillates Stocks 1.706M Barrel Draw vs 0.006M Build Est.
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported a weekly draw of 1.76 million barrels in distillates stocks, compared to an estimated build of 0.006 million barrels.
August 09, 2023 | 2:30 pm
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POSITIVE IMPACT
The USO ETF, which tracks oil prices, could be directly affected by the EIA report, as a draw in distillates stocks could lead to higher oil prices.
The USO ETF directly tracks oil prices, which could rise due to a draw in distillates stocks. This could lead to a positive impact on the ETF's price in the short term.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may be indirectly affected by the EIA report as it includes energy companies.
The SPY ETF includes energy companies, which could be affected by changes in oil stocks. However, the impact is likely to be indirect and moderate, as the ETF is diversified across many sectors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50