EIA Weekly Distillates Stocks 3.931M Barrels Vs 1.303 Barrels Est.; 0.679M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported weekly distillates stocks at 3.931 million barrels, significantly higher than the estimated 1.303 million barrels and the prior figure of 0.679 million barrels.
September 13, 2023 | 2:30 pm
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The United States Oil Fund (USO) may be impacted by the higher than expected distillates stocks reported by the EIA.
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. Higher than expected distillates stocks indicate an oversupply in the market, which could put downward pressure on oil prices and consequently on the USO ETF.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80