USA API Weekly Crude Oil Stock A Build Of 7.168M Vs A Build Of 4.298M Est.; Build Of 8.520M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest USA API Weekly Crude Oil Stock report shows a build of 7.168 million barrels, exceeding the estimated build of 4.298 million barrels and the prior build of 8.520 million barrels. This indicates a higher than expected increase in crude oil inventories.
February 21, 2024 | 9:34 pm
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NEGATIVE IMPACT
The USO ETF, which tracks the performance of crude oil, is likely to be directly impacted by the higher than expected build in crude oil stocks, potentially leading to lower oil prices.
The USO ETF closely tracks the price of crude oil. A higher than expected increase in oil inventories typically exerts downward pressure on oil prices, which could negatively impact USO's performance.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the API's crude oil stock report, as energy sector performance influences overall market sentiment.
While SPY is diversified across various sectors, the energy sector's performance, influenced by crude oil inventory levels, can affect overall market sentiment and thus SPY's performance.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50