EIA Weekly Distillates Stocks A Build Of 2.370M Vs A Build Of 0.880M Est.; Build Of 6.528M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly increase in distillates stocks of 2.370 million barrels, compared to the estimated build of 0.880 million barrels and the prior week's build of 6.528 million barrels.
January 18, 2024 | 4:09 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the EIA's reported build in distillates stocks as it can influence energy sector performance.
While the EIA report directly impacts energy stocks, SPY is a diversified fund, and thus the impact is diluted across various sectors. The report may lead to a neutral short-term impact on SPY as the energy sector's performance is only one of many factors influencing the ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
UNG, an ETF tracking natural gas, is not directly affected by the EIA's distillates stocks report, as it focuses on a different energy commodity.
The EIA's weekly distillates stocks report has little to no direct impact on UNG since it tracks natural gas, and the report is specific to distillates. Therefore, any short-term price movement in UNG is likely to be unrelated to this news.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 10
NEGATIVE IMPACT
The USO ETF, which tracks crude oil prices, may see a short-term negative impact due to the larger-than-expected build in distillates stocks reported by the EIA.
The EIA report indicating a larger-than-expected build in distillates stocks suggests potential oversupply, which can lead to lower oil prices. As USO tracks crude oil prices, this report could negatively impact its short-term performance.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80