EIA Weekly Distillates Stocks Build Of 0.624M Vs Draw Of 0.087M Est.; Build Of 0.888M Prior
Portfolio Pulse from Benzinga Newsdesk
The Energy Information Administration (EIA) reported a weekly distillates stocks build of 0.624 million barrels, contrasting with the estimated draw of 0.087 million barrels and the previous week's build of 0.888 million barrels.
March 20, 2024 | 2:30 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect impact due to the EIA's report on distillates stocks, as energy sector performance influences overall market sentiment.
While the SPY ETF is diversified across various sectors, the energy sector's performance, as influenced by distillates stocks data, can affect overall market sentiment and thus SPY's performance. However, the direct impact may be diluted due to SPY's broad exposure.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The United States Natural Gas Fund (UNG) is unlikely to be directly impacted by the EIA's weekly distillates stocks report, as it focuses on natural gas, not distillates.
The United States Natural Gas Fund (UNG) specifically tracks natural gas prices, which are not directly influenced by distillates stocks data. Therefore, any impact on UNG from this report would be minimal and indirect.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 20
NEUTRAL IMPACT
The United States Oil Fund (USO) may see some short-term volatility following the EIA's report on a build in distillates stocks, as unexpected builds can influence oil market perceptions.
The United States Oil Fund (USO) tracks the price of crude oil. While distillates are a derivative product of crude oil, unexpected builds or draws in distillates stocks can affect market perceptions and thus impact USO's performance indirectly through changes in oil prices.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 60