USA Crude Oil Inventories A Draw Of 4.156M Vs A Draw Of 1.600M Est.; Build Of 1.825M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a significant draw of 4.156 million barrels, compared to the expected draw of 1.600 million barrels and the previous build of 1.825 million barrels.
May 30, 2024 | 3:00 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) might experience a slight positive impact as the draw in crude oil inventories could boost energy sector stocks within the S&P 500.
While SPY is a broad market ETF, a significant draw in crude oil inventories can positively impact energy sector stocks, which are part of the S&P 500 index.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the larger-than-expected draw in crude oil inventories, indicating higher demand or lower supply.
A larger-than-expected draw in crude oil inventories typically signals 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