EIA Weekly Distillates Stocks A Build Of 2.544M Vs A Build Of 0.400M Est.; Build Of 0.379M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a significant build in distillate stocks, with an increase of 2.544 million barrels compared to the estimated build of 0.400 million barrels and the prior build of 0.379 million barrels.
May 30, 2024 | 3:00 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) may see a short-term impact due to the larger-than-expected build in distillate stocks reported by the EIA.
A larger-than-expected build in distillate stocks typically indicates lower demand or higher supply, which can put downward pressure on oil prices, affecting USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience minor fluctuations due to the EIA's report, as energy stocks are a component of the S&P 500.
While the energy sector is a part of the S&P 500, the overall impact on SPY is likely to be minor given the diversified nature of the ETF.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 40