USA Crude Oil Inventories A Draw Of 6.135M Vs A Draw Of 2.850M Est.; Draw Of 5.960M Prior
Portfolio Pulse from Happy Mohamed
USA crude oil inventories have seen a draw of 6.135 million barrels, which is more than the estimated draw of 2.850 million barrels and the prior draw of 5.960 million barrels.
August 23, 2023 | 2:30 pm
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POSITIVE IMPACT
The larger than expected draw in crude oil inventories may impact the SPY ETF, which has exposure to the energy sector.
The SPY ETF has exposure to the energy sector, including oil companies. A larger than expected draw in crude oil inventories indicates higher demand or lower supply, which could lead to higher oil prices. This could positively impact oil companies and, by extension, the SPY ETF.
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