API Weekly Crude Oil Stock A Draw Of 2.668M Vs A Build Of 1.550M Est.; Draw Of 4.383M Prior
Portfolio Pulse from Happy Mohamed
The American Petroleum Institute (API) reported a draw of 2.668 million barrels in the weekly crude oil stock, compared to the estimated build of 1.550 million barrels. This is also a decrease from the prior draw of 4.383 million barrels.
October 24, 2023 | 8:37 pm
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POSITIVE IMPACT
The USO ETF, which tracks the price of crude oil, may be directly impacted by the draw in crude oil stocks.
The USO ETF tracks the price of crude oil. A draw in crude oil stocks indicates a decrease in supply, which could potentially lead to an increase in oil prices. This could have a direct positive impact on the USO ETF. However, the impact is also dependent on other factors such as demand and geopolitical issues.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
The SPY ETF, which has exposure to energy sector, may be impacted by the draw in crude oil stocks.
The SPY ETF has exposure to the energy sector, including oil companies. A draw in crude oil stocks indicates a decrease in supply, which could potentially lead to an increase in oil prices. This could have a positive impact on oil companies and, by extension, the SPY ETF. However, the impact is uncertain due to other factors such as demand and geopolitical issues.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50