USA Crude Oil Inventories A Draw Of 4.632M Vs A Draw Of 1.354M Est.; Build Of 1.609M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories experienced a significant draw of 4.632 million barrels, surpassing the estimated draw of 1.354 million barrels and contrasting with the prior build of 1.609 million barrels.
December 06, 2023 | 3:30 pm
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POSITIVE IMPACT
The larger-than-expected draw in crude oil inventories may lead to a positive sentiment in the energy sector, potentially benefiting SPY as it includes energy companies.
A significant draw in oil inventories typically indicates higher demand or lower supply, which can lead to higher oil prices. This can positively affect energy companies and, by extension, the SPY ETF, which holds a diversified portfolio including such companies. However, the impact on SPY may be moderated by its broad exposure to various sectors, not just energy.
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