USA Crude Oil Inventories A Build Of 0.774M Vs A Build Of 1.261M Est.; Build Of 1.371M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories have seen a build of 0.774M, which is lower than the estimated build of 1.261M and the prior build of 1.371M.
November 01, 2023 | 2:30 pm
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POSITIVE IMPACT
The lower than expected build in crude oil inventories may have a positive impact on USO as it is directly linked to oil prices.
USO is an ETF that tracks the performance of crude oil. A lower than expected build in inventories could indicate higher demand or lower supply, which could push oil prices up and positively impact USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The lower than expected build in crude oil inventories may have a neutral impact on SPY as it is a broad market ETF and not directly linked to oil prices.
SPY is a broad market ETF and its performance is not directly linked to oil prices or inventories. Therefore, the lower than expected build in crude oil inventories may not have a significant impact on SPY.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50