USA Crude Oil Inventories A Draw Of 4.491M Vs A Draw Of 0.300M Est.; Build Of 10.176M Prior
Portfolio Pulse from Benzinga Newsdesk
USA Crude Oil Inventories reported a draw of 4.491 million barrels, significantly higher than the estimated draw of 0.300 million barrels and a reversal from the prior build of 10.176 million barrels.
October 18, 2023 | 2:30 pm
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POSITIVE IMPACT
The higher than expected draw in crude oil inventories could potentially impact the SPY ETF, which has exposure to energy sector stocks.
The SPY ETF has exposure to energy sector stocks. A higher than expected draw in crude oil inventories indicates increased demand or decreased supply, which could potentially lead to higher oil prices and positively impact energy sector stocks.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The United States Oil Fund (USO) could be positively impacted by the higher than expected draw in crude oil inventories.
The USO ETF is directly linked to the price of crude oil. A higher than expected draw in crude oil inventories indicates increased demand or decreased supply, which could potentially lead to higher oil prices and positively impact the USO ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90