USA Crude Oil Inventories A Build Of 3.210M Vs A Draw Of 0.300M Est.; Build Of 3.165M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories experienced an increase of 3.210 million barrels, contrasting with the expected decrease of 0.300 million barrels and the previous build of 3.165 million barrels.
April 03, 2024 | 2:30 pm
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NEGATIVE IMPACT
The unexpected increase in crude oil inventories may lead to a negative impact on the SPY as it reflects broader economic activities and energy demand.
SPY, being a broad market ETF, is sensitive to economic indicators. A build in oil inventories suggests lower demand or higher supply, potentially slowing economic activity and negatively impacting SPY.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 60
NEGATIVE IMPACT
The build in crude oil inventories is likely to exert downward pressure on USO, as it directly tracks the price of crude oil.
USO's performance is closely tied to crude oil prices. An unexpected inventory build suggests oversupply or weak demand, likely leading to lower oil prices and negatively affecting USO.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 90