USA EIA Weekly Distillates Stocks Draw Of 0.732M Vs Build Of 1.614M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report from the USA Energy Information Administration (EIA) shows a weekly distillates stocks draw of 0.732 million barrels, contrasting with a build of 1.614 million barrels in the previous week.
May 01, 2024 | 2:31 pm
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POSITIVE IMPACT
The draw in distillates stocks reported by the EIA may lead to a positive sentiment in oil markets, potentially benefiting USO.
A draw in distillates stocks often indicates higher demand or lower supply, which can lead to higher oil prices. As USO tracks the price of oil, this report could be seen as positive news for its stock price in the short term.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75