USA Crude Oil Inventories A Build Of 2.909M Vs A Draw Of 2.283M Est.; Draw Of 4.259M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories reported an unexpected build of 2.909 million barrels compared to an estimated draw of 2.283 million barrels. This contrasts with the prior week's draw of 4.259 million barrels.
December 20, 2023 | 3:30 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories may lead to a negative sentiment in the broader market, potentially impacting SPY as it represents a basket of large-cap U.S. stocks.
SPY, which tracks the S&P 500, may react to the unexpected build in oil inventories as it can affect energy sector stocks and overall market sentiment. However, the impact may be moderated by other market factors.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60
NEGATIVE IMPACT
The build in crude oil inventories is a bearish signal for oil prices, which could negatively impact USO, an ETF that tracks the performance of crude oil.
USO is directly impacted by changes in crude oil prices. The unexpected inventory build suggests a potential oversupply, which is typically bearish for oil prices and thus for USO.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90