USA Crude Oil Inventories A Draw Of 2.508M Vs A Draw Of 0.400M Est.; Draw Of 1.362M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a significant draw of 2.508 million barrels, much higher than the estimated draw of 0.400 million barrels and the prior draw of 1.362 million barrels. This indicates a higher demand or lower supply of crude oil.
May 15, 2024 | 2:30 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) might see a slight positive impact as higher oil prices can benefit energy sector stocks, which are part of the S&P 500 index.
Higher oil prices can positively impact energy sector stocks, which are a component of the S&P 500 index. This could provide a slight boost to SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the significant draw in crude oil inventories, indicating higher demand or lower supply.
A larger-than-expected draw in crude oil inventories typically suggests higher demand or lower supply, which can lead to higher oil prices. This is beneficial for USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100