EIA Weekly Distillates Stocks A Draw Of 1.837M Vs A Draw Of 0.802M Est.; Draw Of 1.269M Prior
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported a draw of 1.837M in weekly distillates stocks, higher than the estimated draw of 0.802M and the prior draw of 1.269M.
October 12, 2023 | 3:00 pm
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NEUTRAL IMPACT
The UNG ETF, which tracks natural gas futures, may not be directly impacted by the draw in distillates stocks.
The UNG ETF tracks natural gas futures, not distillates stocks. Therefore, a draw in distillates stocks may not have a direct impact on the UNG ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
POSITIVE IMPACT
The higher-than-expected draw in distillates stocks may impact the SPY ETF, which includes energy sector stocks.
The SPY ETF includes energy sector stocks. A higher-than-expected draw in distillates stocks indicates a higher demand for energy, which could potentially lead to an increase in the price of energy stocks, and consequently, the SPY ETF.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The USO ETF, which tracks oil futures, may be impacted by the draw in distillates stocks.
The USO ETF tracks oil futures. A draw in distillates stocks indicates a higher demand for oil, which could potentially lead to an increase in the price of oil futures, and consequently, the USO ETF.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 70