Crude Oil Inventories A Build Of 1.233M Vs Draw Of 2.1M Expected
Portfolio Pulse from Benzinga Newsdesk
Crude oil inventories saw a build of 1.233 million barrels, contrary to the expected draw of 2.1 million barrels. This unexpected increase in crude oil inventories could impact oil prices and related assets.
June 05, 2024 | 2:30 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories is likely to negatively impact the United States Oil Fund (USO) as it suggests a potential oversupply in the market.
USO is directly tied to crude oil prices. An unexpected build in inventories suggests an oversupply, which typically leads to lower oil prices, negatively impacting USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The build in crude oil inventories could have a mixed impact on the SPDR S&P 500 ETF (SPY) as lower oil prices might benefit some sectors while hurting others.
SPY includes a diverse range of sectors. Lower oil prices might benefit sectors like transportation but hurt energy companies, leading to a mixed impact on SPY.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50