Oil Prices Fall As Gasoline Stocks Continue To Build: Average Pump Price Now $3.08
Portfolio Pulse from Neil Dennis
Oil prices declined after U.S. inventory data indicated a strong build-up in gasoline and distillate stocks, while crude stocks also increased. Nymex WTI and Brent crude both fell, with WTI remaining flat and Brent slightly down. The United States Oil ETF (USO) also dropped 0.1%. The Energy Information Administration (EIA) reported increases in crude oil, gasoline, and distillate stockpiles. The EIA forecasts flat crude oil prices for 2024 and 2025, expecting a balanced global supply and demand. U.S. gasoline pump prices are near a two-year low, with the potential to decrease further unless affected by an arctic blast.
January 10, 2024 | 6:04 pm
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NEGATIVE IMPACT
The United States Oil ETF (USO) fell 0.1% following the report of increased gasoline and distillate stocks and a rise in crude stockpiles. The EIA's forecast for flat crude oil prices over the next two years may also influence the ETF's performance.
The direct mention of USO's price drop in response to the inventory data suggests a negative short-term impact. The EIA's forecast for stable prices could imply a lack of significant price catalysts, potentially leading to subdued performance for the ETF.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90