API Weekly Crude Stock: Build 12.940M Barrels vs Build 1.3M Barrel Est.
Portfolio Pulse from Bill Haddad
The American Petroleum Institute (API) reported a crude stock build of 12.940 million barrels, significantly higher than the estimated build of 1.3 million barrels.
October 11, 2023 | 8:39 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may be impacted by the higher than expected crude stock build reported by 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 higher than expected crude stock build indicates an oversupply in the market, which could put downward pressure on oil prices and consequently on USO's performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100