EIA Weekly Distillates Stocks A Build Of 0.881M Vs A Build Of 0.500M Est.; Build Of 3.197M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a build of 0.881 million barrels in distillate stocks, higher than the estimated build of 0.500 million barrels and lower than the prior build of 3.197 million barrels.
June 12, 2024 | 2:30 pm
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NEGATIVE IMPACT
The EIA reported a build of 0.881 million barrels in distillate stocks, which is higher than the estimated build. This could indicate a potential short-term bearish impact on oil prices, affecting USO.
A higher-than-expected build in distillate stocks suggests a potential oversupply in the market, which could lead to a decrease in oil prices. This is likely to negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The EIA's report on distillate stocks could have a minor indirect impact on the broader market, including SPY, due to its influence on energy sector stocks.
While the EIA report primarily affects the energy sector, its influence could extend to the broader market, including SPY, through energy sector stocks. However, the impact is expected to be minor.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30