United States Energy Information Administration Says U.S. Crude Stocks At Cushing, Ok, Fell Last Week To Lowest Since Oct 2014
Portfolio Pulse from Benzinga Newsdesk
The United States Energy Information Administration (EIA) reported that U.S. crude stocks at Cushing, Oklahoma, fell last week to their lowest level since October 2014.
October 18, 2023 | 2:34 pm
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NEUTRAL IMPACT
The decrease in U.S. crude stocks could potentially impact the SPY ETF, which tracks the S&P 500 index and includes energy companies.
The SPY ETF includes energy companies, which could be affected by changes in crude stocks. However, the ETF is diversified across many sectors, so the impact may be limited.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The United States Oil Fund (USO), an ETF that tracks the price of West Texas Intermediate light, sweet crude oil, could be directly impacted by the decrease in U.S. crude stocks.
The USO ETF directly tracks the price of crude oil, so changes in U.S. crude stocks could have a significant impact on its price. However, other factors also influence oil prices, so the impact is not certain.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80