EIA Weekly Distillates Stocks A Draw Of 2.760M Vs Build Of 1.659M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw in distillates stocks of 2.760 million barrels, contrasting with a build of 1.659 million barrels in the previous week. This indicates a decrease in distillate fuel inventories, which could impact energy market dynamics and related stock prices.
April 17, 2024 | 2:30 pm
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NEUTRAL IMPACT
The report does not directly impact natural gas inventories, so UNG's short-term price movement is likely neutral in relation to this news.
UNG tracks natural gas prices, and the reported draw in distillates stocks primarily affects the oil and distillate markets, not directly impacting natural gas inventories or prices.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 20
POSITIVE IMPACT
The draw in distillates stocks may lead to a positive sentiment in the energy sector, potentially benefiting SPY as it includes energy companies.
SPY, being a broad market ETF, includes companies from the energy sector. A decrease in distillate stocks suggests higher demand or lower supply, which can lead to higher energy prices and benefit companies in this sector, indirectly impacting SPY positively.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The draw in distillates stocks suggests tighter oil supplies, potentially leading to higher oil prices and positively impacting USO.
USO tracks the price of oil. A draw in distillates stocks indicates a decrease in oil inventories, suggesting higher demand or lower supply, which can lead to higher oil prices. This is likely to positively impact USO in the short term.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 70