EIA Weekly Distillates Stocks A Draw Of 1.268M Vs A Draw Of 0.604M Est.; Draw Of 1.185M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly distillates stock draw of 1.268 million barrels, exceeding the estimated draw of 0.604 million barrels and the prior week's draw of 1.185 million barrels.
April 03, 2024 | 2:30 pm
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POSITIVE IMPACT
The USO ETF, which tracks crude oil prices, could see positive short-term impacts from the higher-than-expected distillates stock draw.
The USO ETF, focused on crude oil, may benefit in the short term from the EIA's report of a higher-than-expected distillates stock draw, as it indicates higher demand or lower supply than anticipated, potentially pushing oil prices up.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may see indirect effects due to the EIA report influencing energy sector stocks.
While the SPY ETF is diversified across various sectors, significant movements in energy stocks due to the EIA report could indirectly affect its performance. However, the impact is likely to be moderate given the ETF's broad exposure.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The UNG ETF, focused on natural gas, may not see direct impacts from the distillates stock draw report, as it is more related to oil.
The UNG ETF, which tracks natural gas futures, is less likely to be directly impacted by the EIA's distillates stock report, as the report is more closely related to oil stocks than natural gas.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20