API Weekly Crude Oil Stock 1.174M Barrel Build vs 2M Barrel Draw Est.
Portfolio Pulse from Bill Haddad
The American Petroleum Institute (API) reported a weekly crude oil stock build of 1.174 million barrels, against an estimated draw of 2 million barrels.
September 12, 2023 | 8:35 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may be impacted by the unexpected build in crude oil stocks 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) crude oil. An unexpected build in crude oil stocks, as reported by the API, typically exerts downward pressure on oil prices, which could negatively impact USO in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100