USA Crude Oil Inventories A Build Of 1.825M Vs A Draw Of 2.400M Est. Draw Of 2.508M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a build of 1.825 million barrels, contrary to the expected draw of 2.400 million barrels and the prior draw of 2.508 million barrels. This unexpected increase in crude oil inventories could impact oil prices and related assets.
May 22, 2024 | 2:30 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories could lead to a short-term decline in oil prices, which may negatively impact the SPY ETF as it includes energy sector stocks.
SPY includes energy sector stocks, which are likely to be negatively impacted by a decline in oil prices due to the unexpected build in crude oil inventories.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to see a short-term decline due to the unexpected build in crude oil inventories, which could lead to lower oil prices.
USO directly tracks the price of oil, and an unexpected build in crude oil inventories typically leads to lower oil prices, negatively impacting USO.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100