EIA Weekly Distillates Stocks A Build Of 0.833M Vs A Build Of 0.600M Est.; Build Of 1.485M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillates stocks of 0.833 million barrels, compared to the estimated build of 0.600 million barrels and the prior week's build of 1.485 million barrels.
December 28, 2023 | 4:00 pm
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NEUTRAL IMPACT
The EIA report indicating a smaller build in distillates stocks than the previous week may have a neutral to slightly positive impact on SPY as it reflects a potential stabilization in energy supply.
SPY, being a broad market ETF, may see limited direct impact from the EIA report as it is not solely focused on the energy sector. However, energy stock performance within the ETF could influence its movement.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The EIA report does not directly pertain to natural gas inventories, which UNG tracks, so the impact on UNG is likely to be neutral.
UNG is an ETF that tracks natural gas, and the EIA report focused on distillates stocks, which is more closely related to oil. Therefore, the report's impact on UNG should be minimal.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 10
NEGATIVE IMPACT
The EIA report showing a build in distillates stocks could indicate an oversupply, potentially exerting downward pressure on oil prices and negatively impacting USO in the short term.
USO is an ETF that tracks the performance of oil. The reported build in distillates stocks suggests a potential oversupply in the market, which could lead to lower oil prices and negatively affect USO's performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80