API Weekly Crude Stock: 11.486M Barrel Draw vs 2.9M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude stock draw of 11.486 million barrels, significantly higher than the estimated 2.9 million barrels.
August 29, 2023 | 8:35 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the larger than expected draw in crude stock reported by API.
The United States Oil Fund (USO) is an exchange-traded fund (ETF) that aims to track the price of West Texas Intermediate (WTI) light, sweet crude oil. A larger than expected draw in crude stock indicates higher demand or lower supply, which could lead to an increase in oil prices. This could potentially benefit USO as it tracks the price of oil.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80