API Weekly Crude Oil Stock: 4.210M Barrel Draw vs 92K Barrel Draw Est.
Portfolio Pulse from Bill Haddad
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 4.210 million barrels, significantly higher than the estimated 92,000 barrel draw.
October 03, 2023 | 8:35 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the larger than expected draw in crude oil stocks reported by the API.
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. A larger than expected draw in crude oil stocks, as reported by the API, indicates higher demand or lower supply, which could lead to an increase in oil prices. This could potentially have a positive impact on USO's performance.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80