USA Crude Oil Inventories A Draw Of 2.170M Vs A Draw Of 1.320M Est.; Draw Of 2.135M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories have reported a draw of 2.170 million barrels, higher than the estimated draw of 1.320 million barrels and slightly higher than the prior draw of 2.135 million barrels.
September 27, 2023 | 2:30 pm
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POSITIVE IMPACT
The higher than expected draw in crude oil inventories may impact SPY as it reflects the overall market.
The SPY ETF tracks the S&P 500 index, which includes companies from the energy sector. A higher than expected draw in crude oil inventories indicates increased demand or decreased supply, which could lead to higher oil prices and potentially benefit energy companies in the index.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The higher than expected draw in crude oil inventories may impact USO as it tracks the performance of crude oil.
The USO ETF tracks the performance of crude oil. A higher than expected draw in crude oil inventories indicates increased demand or decreased supply, which could lead to higher oil prices and potentially benefit the ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 80