EIA Weekly Distillates Stocks A Build Of 1.494M Vs A Build Of 0.623M Est.; Build Of 1.267M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillates stocks of 1.494 million barrels, exceeding the estimated build of 0.623 million and the prior week's build of 1.267 million barrels.
December 13, 2023 | 3:30 pm
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NEGATIVE IMPACT
The USO ETF, which tracks crude oil prices, may see short-term price movements due to the EIA's report on distillates stocks, as it reflects broader trends in the oil market.
The build in distillates stocks suggests a potential oversupply in the oil market, which could lead to downward pressure on crude oil prices and negatively impact the USO ETF 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 report as energy sector stocks could react to the change in distillates stocks.
While the EIA report directly impacts energy stocks, SPY is a diversified fund, and thus the effect on it is diluted. The report may lead to minor fluctuations in the ETF's price.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50
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 report on distillates stocks is not directly relevant to natural gas markets or the UNG ETF, which is why there is minimal impact expected.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 10