USA Crude Oil Inventories A Draw Of 2.224M Vs A Draw Of 0.446M Est.; Draw Of 2.170M Prior
Portfolio Pulse from Benzinga Newsdesk
USA Crude Oil Inventories reported a draw of 2.224 million barrels, higher than the estimated draw of 0.446 million barrels and the prior draw of 2.170 million barrels.
October 04, 2023 | 2:30 pm
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NEUTRAL IMPACT
The higher draw in crude oil inventories may impact SPY as it reflects the overall market.
The SPY ETF tracks the S&P 500, which includes companies from the energy sector. A higher draw in crude oil inventories indicates increased demand or decreased supply, which could impact the energy sector and, by extension, the SPY ETF. However, the impact is indirect and depends on other market factors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The higher draw in crude oil inventories may have a positive impact on USO, which tracks the price of crude oil.
The USO ETF tracks the price of crude oil. A higher draw in inventories indicates increased demand or decreased supply, which could lead to higher crude oil prices and positively impact the USO ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90