EIA Weekly Distillates Stocks A Draw Of 1.400M Vs A Draw Of 1.242M Est.; Draw Of 0.792M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw in distillates stocks of 1.400 million barrels, compared to the estimated draw of 1.242 million barrels and the prior week's draw of 0.792 million barrels.
November 15, 2023 | 3:30 pm
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POSITIVE IMPACT
The USO ETF, which tracks crude oil prices, may see a positive short-term impact due to the larger-than-expected draw in distillates stocks reported by the EIA, indicating higher demand or lower supply.
Distillates are a product of crude oil, and a larger-than-expected draw in distillates stocks can be indicative of higher demand or lower supply, which can lead to higher crude oil prices. As USO tracks crude oil prices, this report is likely to have a positive impact on USO in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the EIA's reported draw in distillates stocks as it can influence overall market sentiment and energy sector performance.
While the EIA report directly impacts energy stocks, SPY is a broad market ETF and thus the effect is diluted across many sectors. The report may influence energy sector performance, which is a component of SPY, but the overall impact on SPY is likely to be moderate.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
NEUTRAL IMPACT
The UNG ETF, which tracks natural gas, is not directly affected by the EIA's distillates stocks report, as it pertains to a different energy commodity.
The EIA's weekly distillates stocks report does not directly pertain to natural gas inventories, which is what UNG tracks. Therefore, the report's impact on UNG is minimal and not directly correlated.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 10