USA API Weekly Crude Oil Stock A Build Of 0.483M Vs A Draw Of 2.400M Est.; Draw Of 5.215M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest USA API Weekly Crude Oil Stock report showed a build of 0.483 million barrels, contrary to the estimated draw of 2.400 million barrels and the previous week's draw of 5.215 million barrels.
January 17, 2024 | 9:32 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the unexpected build in crude oil stocks, as energy sector stocks could react.
While SPY is diversified across various sectors, an unexpected build in crude oil stocks can affect energy sector components, potentially leading to a neutral short-term impact on SPY's price as the market absorbs the data.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The USO ETF, which tracks the performance of crude oil, may face negative pressure in the short term due to the unexpected inventory build, as it suggests a potential oversupply.
USO's performance is closely tied to crude oil prices, which can be negatively impacted by inventory builds that imply oversupply and could decrease oil prices, thus likely leading to a short-term negative impact on USO.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90