EIA Weekly Distillates Stocks A Draw Of 0.792M Vs A Draw Of 1.540M Est. Draw Of 1.686M Prior
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported a draw of 0.792M in weekly distillates stocks, which is less than the estimated draw of 1.540M and the prior draw of 1.686M.
November 01, 2023 | 2:30 pm
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NEUTRAL IMPACT
The lower-than-expected draw in distillates stocks may have a neutral impact on SPY as it is a broad market ETF and not specifically tied to energy stocks.
SPY is a broad market ETF and its performance is not directly tied to the energy sector or distillates stocks. Therefore, the impact of the EIA report is likely to be neutral.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The lower-than-expected draw in distillates stocks may have a negative impact on UNG as it is an ETF that tracks natural gas futures.
UNG is an ETF that tracks natural gas futures. A lower-than-expected draw in distillates stocks indicates a potential oversupply in the energy market, which could put downward pressure on natural gas prices and negatively impact UNG.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
NEGATIVE IMPACT
The lower-than-expected draw in distillates stocks may have a negative impact on USO as it is an ETF that tracks oil futures.
USO is an ETF that tracks oil futures. A lower-than-expected draw in distillates stocks indicates a potential oversupply in the energy market, which could put downward pressure on oil prices and negatively impact USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70