USA Crude Oil Inventories A Draw Of 2.135M Vs A Draw Of 2.200M Est.; Build Of 3.954M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories have seen a draw of 2.135 million barrels, slightly less than the estimated draw of 2.200 million barrels. This is a significant change from the prior build of 3.954 million barrels.
September 20, 2023 | 2:30 pm
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NEGATIVE IMPACT
The draw in crude oil inventories, which is less than estimated, may have a negative impact on USO as it indicates a slower than expected decrease in oil supply.
USO, being an ETF that tracks the price of crude oil, is directly impacted by changes in oil supply and demand. A slower than expected decrease in oil supply could put downward pressure on oil prices, which would likely negatively impact USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The draw in crude oil inventories, which is less than estimated, may have a neutral to slightly negative impact on SPY as it indicates a slower than expected decrease in oil supply.
SPY, being a broad market ETF, is influenced by a variety of factors including oil prices. A slower than expected decrease in oil supply could put downward pressure on oil prices, which could in turn impact the energy sector and potentially the broader market.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50