USA Crude Oil Inventories A Draw Of 6.307M Vs A Draw Of 2.064M Est.; Draw Of 10.584M Prior
Portfolio Pulse from Happy Mohamed
USA Crude Oil Inventories reported a draw of 6.307M, which is higher than the estimated draw of 2.064M, but lower than the prior draw of 10.584M.
September 07, 2023 | 3:01 pm
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NEUTRAL IMPACT
The higher than expected draw in crude oil inventories may impact SPY as it reflects the overall market.
SPY, being a broad market ETF, can be influenced by a variety of factors, including crude oil inventories. However, the impact is not direct and can be mitigated by other market factors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The draw in crude oil inventories is not directly related to natural gas and hence, may not have a significant impact on UNG.
UNG is a natural gas ETF and its price is more directly influenced by natural gas inventories and demand-supply dynamics rather than crude oil inventories.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
POSITIVE IMPACT
The higher than expected draw in crude oil inventories may have a positive impact on USO, a crude oil ETF.
USO is a crude oil ETF and its price is directly influenced by crude oil inventories. A higher than expected draw indicates higher demand or lower supply, which can push up crude oil prices and hence, USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90