USA Crude Oil Inventories A Build Of 3.514M Vs A Build Of 3.879M Est.; Build Of 12.018M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories increased by 3.514 million barrels, which is less than the estimated build of 3.879 million but significantly higher than the previous build of 12.018 million barrels. This indicates a slowdown in inventory accumulation.
February 22, 2024 | 4:00 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect effects due to changes in crude oil inventories impacting the energy sector and overall market sentiment.
While SPY is not directly linked to crude oil prices, its components include energy companies whose performance can be influenced by changes in oil inventories. However, the effect is diluted across the diverse sectors represented in the ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund, LP (USO) is likely to be directly impacted by the reported build in crude oil inventories, potentially influencing its price movement in the short term.
USO's price is closely tied to the price of crude oil. The reported build in inventories, being lower than expected, might initially seem positive, but the fact that it's an increase could still pressure oil prices and, by extension, USO.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90