USA Crude Oil Inventories A Build Of 1.371M Vs A Build Of 0.239M Est. ; Draw Of 4.491M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories have seen a build of 1.371M, which is significantly higher than the estimated build of 0.239M and a sharp contrast to the prior draw of 4.491M.
October 25, 2023 | 2:30 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories may negatively impact SPY as it could indicate a slowdown in economic activity.
SPY, as a broad market ETF, can be influenced by macroeconomic indicators such as crude oil inventories. A higher than expected build could indicate a slowdown in economic activity, which may negatively impact the stock market and therefore SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The unexpected build in crude oil inventories may negatively impact USO as it could lead to a decrease in oil prices.
USO, as an ETF that tracks the price of crude oil, can be directly impacted by changes in crude oil inventories. A higher than expected build could lead to a decrease in oil prices, which may negatively impact USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90