EIA Weekly Distillates Stocks A Build Of 3.197M Vs Build Of 3M Expected
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillate stocks of 3.197 million barrels, slightly higher than the expected build of 3 million barrels.
June 05, 2024 | 2:30 pm
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The EIA's report of a higher-than-expected build in distillate stocks could indicate a potential oversupply in the energy market, which may put downward pressure on energy sector stocks. As SPY includes energy sector stocks, this could have a slight negative impact on its price.
The SPY ETF includes a diverse range of sectors, including energy. A higher-than-expected build in distillate stocks suggests a potential oversupply, which could negatively impact energy sector stocks and, by extension, SPY.
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