EIA Weekly Distillates Stocks A Build Of 6.528M Vs A Build Of 2.382M Est.
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillates stocks of 6.528 million barrels, significantly higher than the estimated build of 2.382 million barrels.
January 10, 2024 | 3:30 pm
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NEGATIVE IMPACT
USO, an ETF that tracks crude oil prices, could be negatively impacted in the short term by the EIA report showing a larger-than-expected build in distillates stocks, suggesting potential oversupply.
The EIA report indicating a significant build in distillates stocks could imply an oversupply in the oil market, which may lead to a decrease in crude oil prices and negatively affect USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect impact due to the EIA report as energy sector stocks react to the news of increased distillates stocks.
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
UNG, an ETF tracking natural gas, may see less direct impact from the distillates stocks report, as it is more closely related to natural gas inventories than distillate fuel inventories.
UNG's focus on natural gas means that the EIA report on distillates stocks is less relevant to its price movement, as it does not directly pertain to natural gas inventory levels.
CONFIDENCE 75
IMPORTANCE 20
RELEVANCE 30