USA Crude Oil Inventories A Draw Of 5.960M Vs A Draw Of 2.320M Est.; Build Of 5.851M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories have seen a draw of 5.960M, which is significantly higher than the estimated draw of 2.320M and a reversal from the prior build of 5.851M.
August 16, 2023 | 2:30 pm
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POSITIVE IMPACT
The higher than expected draw in crude oil inventories may impact the SPY ETF, which has exposure to energy sector stocks.
The SPY ETF has exposure to energy sector stocks, which can be influenced by changes in crude oil inventories. A higher than expected draw indicates increased demand or decreased supply, which could potentially drive up oil prices and positively impact energy sector stocks within the SPY ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75