API Weekly Crude Oil Stock A Draw Of 4.383M Vs A Draw Of 1.267M Est.; Build Of 12.940M Prior
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 4.383 million barrels, which is more than the estimated draw of 1.267 million barrels. This is a significant change from the prior week's build of 12.940 million barrels.
October 17, 2023 | 8:35 pm
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POSITIVE IMPACT
The larger than expected draw in crude oil stocks could potentially impact the SPY ETF, which has exposure to the energy sector.
The SPY ETF has exposure to the energy sector, including oil companies. A larger than expected draw in crude oil stocks indicates higher demand or lower supply, which could potentially lead to higher oil prices and positively impact oil companies and therefore the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the larger than expected draw in crude oil stocks, as it is directly linked to the price of crude oil.
The USO ETF is directly linked to the price of crude oil. A larger than expected draw in crude oil stocks indicates higher demand or lower supply, which could potentially lead to higher oil prices and positively impact the USO ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100