USA API Weekly Crude Oil Stock A Build Of 0.939M Vs A Draw Of 2.233M Est.; Draw Of 2.349M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest USA API Weekly Crude Oil Stock report indicated a build of 0.939 million barrels, contrasting with the estimated draw of 2.233 million barrels and the previous week's draw of 2.349 million barrels.
December 19, 2023 | 9:32 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO), which tracks the price of crude oil, could face downward pressure in the short term due to the reported build in crude oil stocks, which was against market expectations.
USO's performance is closely tied to crude oil prices, which can be negatively affected by an increase in oil stocks, suggesting a potential decrease in oil prices and a negative impact on USO.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 90
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the unexpected build in crude oil stocks, as energy sector stocks could react to this news.
While SPY is a broad market ETF, the unexpected increase in crude oil stocks may have a mixed impact on the energy sector components of the S&P 500, leading to a neutral short-term impact on SPY overall.
CONFIDENCE 75
IMPORTANCE 40
RELEVANCE 50