EIA Weekly Distillates Stocks A Draw Of 0.045M Vs A Build Of 0.770M Est.; Build Of 0.560M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a draw of 0.045 million barrels in weekly distillate stocks, contrary to the expected build of 0.770 million barrels. This follows a prior build of 0.560 million barrels.
May 15, 2024 | 2:30 pm
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NEUTRAL IMPACT
The draw in distillate stocks could have a mixed impact on the broader market, represented by SPY, as it indicates higher energy prices which can affect various sectors differently.
Higher energy prices can benefit energy stocks but may hurt sectors sensitive to energy costs. This mixed impact makes the overall effect on SPY neutral.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The EIA reported a draw in distillate stocks, which is bullish for oil prices. This could positively impact the United States Oil Fund (USO).
A draw in distillate stocks suggests higher demand or lower supply, which is typically bullish for oil prices. This is likely to positively impact USO, an ETF that tracks oil prices.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80