EIA Weekly Distillates Stocks A Build Of 0.379M Vs A Draw Of 0.100M Est.; Draw Of 0.045M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a build of 0.379 million barrels in distillate stocks, contrary to the expected draw of 0.100 million barrels and the previous draw of 0.045 million barrels.
May 22, 2024 | 2:31 pm
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NEGATIVE IMPACT
The unexpected build in distillate stocks reported by the EIA could put downward pressure on oil prices, potentially affecting the United States Oil Fund (USO).
A build in distillate stocks typically indicates lower demand or higher supply, which can lead to a decrease in oil prices. This is likely to negatively impact USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The build in distillate stocks may have a minor impact on the broader market, including the SPDR S&P 500 ETF (SPY), as it reflects changes in energy sector dynamics.
While the build in distillate stocks is significant for the energy sector, its impact on the broader market and SPY is likely to be limited.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 40