USA Crude Oil Inventories A Build Of 3.730M Vs A Draw Of 1.200M Est.; Build Of 1.233M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a build of 3.730 million barrels, contrary to the expected draw of 1.200 million barrels. This follows a previous build of 1.233 million barrels.
June 12, 2024 | 2:30 pm
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NEGATIVE IMPACT
The unexpected build in crude oil inventories could negatively impact the broader market, including SPY, as it may signal weaker demand or oversupply concerns.
SPY, representing the S&P 500, could be affected by the broader market sentiment driven by the unexpected crude oil inventory build, which may indicate weaker economic activity or oversupply.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to be directly impacted by the unexpected build in crude oil inventories, potentially leading to a short-term decline in its price.
USO, which tracks the price of oil, is directly impacted by changes in crude oil inventories. The unexpected build suggests a potential oversupply, which could lead to a decrease in oil prices and, consequently, USO's price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100