EIA Weekly Distillates Stocks Build Of 5.217M Vs Draw Of 0.394M Est.; Draw Of 1.018M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillates stocks of 5.217 million barrels, compared to an estimated draw of 0.394 million barrels and a prior week's draw of 1.018 million barrels.
November 29, 2023 | 3:31 pm
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NEGATIVE IMPACT
The unexpected build in distillates stocks reported by the EIA may lead to bearish sentiment in the broader market, potentially impacting SPY.
While SPY tracks a broad range of stocks, significant changes in energy stockpiles can influence market sentiment and thus impact SPY's performance.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The EIA's report of a larger-than-expected build in distillates stocks could lead to downward pressure on oil prices, which may negatively impact USO.
USO is directly linked to the performance of oil prices, and an unexpected increase in distillates stocks suggests a potential oversupply, which could lower oil prices and USO's value.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80