USA Crude Oil Inventories A Build Of 10.176M Vs A Build Of 0.492M Est.; Draw Of 2.224M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories have seen a significant increase of 10.176 million barrels, compared to the estimated build of 0.492 million barrels and a draw of 2.224 million barrels in the prior period.
October 12, 2023 | 3:00 pm
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NEGATIVE IMPACT
The unexpected increase in crude oil inventories may negatively impact SPY as it could indicate a slowdown in economic activity.
SPY, as a broad market ETF, can be influenced by macroeconomic indicators such as crude oil inventories. A significant increase in inventories may suggest a slowdown in economic activity, which could negatively impact the stock market and therefore SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The unexpected increase in crude oil inventories may negatively impact USO as it could lead to a decrease in oil prices.
USO, as an ETF that tracks the price of crude oil, can be directly impacted by changes in oil inventories. A significant increase in inventories may lead to a decrease in oil prices, which could negatively impact USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90