API Weekly Crude Oil Stock: 4.05M Barrel Build Vs 1.9M Barrel Draw Est.; 6.49M Barrel Draw Prior
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil stock build of 4.05 million barrels, contrary to the expected draw of 1.9 million barrels. This follows a previous draw of 6.49 million barrels.
June 04, 2024 | 8:40 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience minor fluctuations due to the API's crude oil stock report. While the direct impact on SPY is less significant, changes in oil prices can influence broader market sentiment.
While the crude oil stock build is significant for the oil market, its direct impact on SPY is likely to be minor. However, broader market sentiment could be influenced by changes in oil prices.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to be impacted by the unexpected crude oil stock build reported by the API. The build of 4.05 million barrels contrasts with the expected draw of 1.9 million barrels, which could lead to a short-term decrease in oil prices.
The unexpected build in crude oil stocks is likely to put downward pressure on oil prices, which in turn could negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100