USA API Weekly Crude Oil Stock Build Of 2.48M; Cushing Build Of 1.77M; Gasoline Build Of 2.088M; Diesel Draw Of 0.32M
Portfolio Pulse from Benzinga Newsdesk
The USA API Weekly report shows a crude oil stock build of 2.48 million barrels, a Cushing build of 1.77 million barrels, a gasoline build of 2.088 million barrels, and a diesel draw of 0.32 million barrels.
May 21, 2024 | 8:43 pm
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The USA API Weekly report indicates a crude oil stock build of 2.48 million barrels, which could put downward pressure on oil prices and negatively impact the United States Oil Fund (USO).
A build in crude oil stocks typically indicates an oversupply, which can lead to lower oil prices. This is likely to negatively impact USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The USA API Weekly report shows significant builds in crude oil, Cushing, and gasoline stocks, which could have a mixed impact on the broader market represented by SPY.
While the builds in crude oil and gasoline stocks could indicate potential economic slowdown, the overall impact on SPY is uncertain as it depends on broader market factors.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50