EIA Weekly Distillates Stocks A Build Of 10.090M Vs A Build Of 0.6M Est.; Draw Of 0.741M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a significant build in weekly distillates stocks, with an increase of 10.090 million barrels compared to a draw of 0.741 million barrels in the prior period.
January 04, 2024 | 4:00 pm
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NEGATIVE IMPACT
The USO ETF, which tracks crude oil prices, may see a short-term negative impact due to the EIA report showing a build in distillates stocks, suggesting a potential oversupply in the market.
The build in distillates stocks reported by the EIA could indicate an oversupply in the market, which can lead to lower crude oil prices and negatively affect USO in the short term.
CONFIDENCE 75
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 react to changes in distillate stock levels.
While SPY is a broad market ETF, the energy sector's performance in response to the EIA report can influence its price. However, the impact may be diluted due to SPY's diversified nature.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The UNG ETF, which focuses on natural gas, is not directly related to distillates stocks, and therefore the EIA report on distillates is unlikely to have a significant short-term impact on UNG.
UNG's focus on natural gas means it is less affected by changes in distillate stock levels, which are more closely related to oil and refined products.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 20