EIA Weekly Distillates Stocks A Build Of 0.945M Vs A Build Of 0.218M Est.; Build Of 0.296M Prior
Portfolio Pulse from Happy Mohamed
The Energy Information Administration (EIA) reported a build of 0.945M in weekly distillates stocks, which is higher than the estimated build of 0.218M and the prior build of 0.296M.
August 23, 2023 | 2:30 pm
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The higher than expected build in distillates stocks reported by EIA may impact the SPY ETF, which is sensitive to energy sector performance.
The SPY ETF includes companies from the energy sector. A higher than expected build in distillates stocks indicates a potential oversupply in the market, which could lead to lower prices and negatively impact the profitability of energy companies. This could potentially lead to a decrease in the value of the SPY ETF in the short term.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70