API Weekly Crude Stock 509K Barrel Build vs 1.43M Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The API reported a weekly crude stock increase of 509K barrels, contrasting with the estimated 1.43M barrel draw.
May 07, 2024 | 8:40 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may experience short-term price volatility due to the unexpected increase in crude stock, contrary to the estimated draw.
The unexpected increase in crude stock suggests a potential oversupply or lower than anticipated demand, which can negatively impact oil prices and, consequently, the USO ETF that tracks the price of crude oil.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 80