Gasoline Inventories 1.764M vs 229K Est.
Portfolio Pulse from Benzinga Newsdesk
Gasoline inventories have significantly exceeded expectations, reporting 1.764 million compared to the estimated 229 thousand. This suggests a potential surplus of gasoline supply.
November 29, 2023 | 3:30 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may experience a negative impact in the short term due to the reported surplus in gasoline inventories, indicating a potential decrease in oil prices.
The United States Oil Fund (USO) tracks the price of oil. A significant increase in gasoline inventories suggests a surplus that could lead to lower oil prices. As USO's performance is closely tied to oil prices, this news is likely to have a negative impact on its stock price in the short term.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80