EIA Weekly Distillates Stocks A Draw Of 3.185M Vs A Draw Of 1.360M Est. Draw Of 1.837M Prior
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported a draw of 3.185 million in weekly distillates stocks, which is higher than the estimated draw of 1.360 million and the prior draw of 1.837 million.
October 18, 2023 | 2:30 pm
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POSITIVE IMPACT
The higher-than-expected draw in distillates stocks may impact the SPY ETF, which has exposure to the energy sector.
The SPY ETF has exposure to the energy sector. 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 prices, could be impacted by the draw in distillates stocks.
The USO ETF tracks oil prices. A higher-than-expected draw in distillates stocks indicates a higher demand for oil, which could potentially lead to an increase in oil prices and, consequently, the USO ETF.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 70
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. Therefore, a draw in distillates stocks may not have a direct impact on the UNG ETF.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30