USA Crude Oil Inventories A Build Of 8.701M Vs A Build Of 1.160M Est.; Build Of 3.592M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a significant increase with a build of 8.701 million barrels, surpassing the estimated build of 1.160 million barrels and the prior build of 3.592 million barrels. This unexpected surge in oil inventories could suggest lower demand or higher production, potentially impacting oil prices and related stocks.

November 22, 2023 | 3:30 pm
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The unexpected build in crude oil inventories may lead to a decrease in oil prices, which could negatively impact energy sector components of the SPY ETF in the short term.
SPY, which includes a diverse range of sectors, may see its energy components affected by the larger-than-expected build in oil inventories. Typically, higher oil inventories can lead to lower oil prices, which in turn can negatively impact the profitability and stock performance of energy companies included in the ETF. However, the overall impact on SPY may be moderated by its diversified nature.
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