USA EIA Weekly Distillates Stocks A Build Of 1.614M Vs A Draw Of 0.900M Est.; Draw Of 2.760M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest EIA Weekly Distillates Stocks report showed a build of 1.614 million barrels, contrasting with the expected draw of 0.900 million barrels and the previous week's draw of 2.760 million barrels.
April 24, 2024 | 2:31 pm
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NEUTRAL IMPACT
The SPY ETF, which tracks the S&P 500, may experience indirect effects due to the unexpected build in distillate stocks, as energy sector performance influences overall market sentiment.
While the SPY ETF is diversified across various sectors, unexpected changes in energy stockpiles can affect market sentiment and thus indirectly impact SPY's performance, especially if the energy sector reacts strongly to the news.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
The UNG ETF, which tracks natural gas, is not directly impacted by the distillate stocks report, as it focuses on a different segment of the energy market.
The UNG ETF's focus on natural gas means that its performance is generally unrelated to changes in oil distillate stocks, making the impact of the report minimal on UNG.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 20
NEGATIVE IMPACT
The USO ETF, which tracks crude oil prices, could see short-term volatility due to the unexpected build in distillate stocks, as it directly relates to oil market dynamics.
Since USO tracks crude oil prices, an unexpected build in distillate stocks suggests potential oversupply or weaker demand, which could negatively impact oil prices and thus USO's performance in the short term.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80