USA Crude Oil Inventories A Build Of 3.600M Vs A Build Of 1.793M Est.; Build Of 0.774M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw an increase of 3.600 million barrels, exceeding the estimated build of 1.793 million and the prior build of 0.774 million barrels.
November 15, 2023 | 3:30 pm
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NEGATIVE IMPACT
The larger-than-expected build in crude oil inventories may lead to a negative sentiment in the broader market, potentially impacting SPY.
SPY, which tracks the S&P 500, may be indirectly affected as energy sector stocks react to the news of the oil inventory build, potentially leading to broader market implications.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The unexpected increase in crude oil inventories is likely to put downward pressure on oil prices, which could negatively impact USO in the short term.
USO, which tracks the daily price movements of West Texas Intermediate crude oil, is directly impacted by changes in oil inventories, and a significant build typically leads to lower oil prices.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90