EIA Weekly Distillates Stocks A Build Of 0.888M Vs A Draw Of 0.150M Est.; Draw Of 4.131M Prior
Portfolio Pulse from Happy Mohamed
The EIA reported a weekly distillates stock build of 0.888 million barrels, contrasting with the expected draw of 0.150 million barrels and the previous week's draw of 4.131 million barrels.
March 13, 2024 | 2:30 pm
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NEUTRAL IMPACT
The report primarily impacts oil distillates, thus UNG, focused on natural gas, may see minimal direct impact from this news.
Since UNG is focused on natural gas, the direct impact of oil distillates stock changes on UNG is minimal, though broader energy sector sentiment may have indirect effects.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 20
NEGATIVE IMPACT
The unexpected build in distillates stocks may lead to a negative sentiment in the broader market, potentially impacting SPY.
SPY, representing the broader market, may react negatively to unexpected changes in energy stocks, as they can indicate broader economic trends.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The unexpected build in distillates stocks could lead to bearish sentiment for oil prices, potentially impacting USO negatively.
USO, which tracks the performance of oil, may be negatively impacted by the unexpected build in distillates stocks, as it suggests potential oversupply or lower demand for oil.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80