API Weekly Stocks: Crude A Build Of 2.264M; Gasoline A Draw Of 1.077M; Distillates A Build Of 538,000; Cushing A Build Of 524,000
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a build in crude oil stocks of 2.264 million barrels, a draw in gasoline stocks of 1.077 million barrels, a build in distillate stocks of 538,000 barrels, and a build in Cushing stocks of 524,000 barrels.
June 18, 2024 | 8:36 pm
News sentiment analysis
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NEGATIVE IMPACT
The build in crude oil stocks reported by the API is likely to put downward pressure on oil prices, which could negatively impact the United States Oil Fund (USO).
A build in crude oil stocks typically indicates an oversupply, which can lead to lower oil prices. This is likely to negatively impact the United States Oil Fund (USO), which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The mixed API report on crude, gasoline, and distillate stocks may have a neutral to slightly negative impact on the SPDR S&P 500 ETF (SPY) due to potential pressure on energy sector stocks.
While the build in crude oil stocks could negatively impact energy sector stocks, the draw in gasoline stocks may offset some of this impact. Overall, the effect on SPY is likely to be neutral to slightly negative.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The API report does not directly mention natural gas stocks, so the impact on the United States Natural Gas Fund (UNG) is expected to be minimal.
Since the API report focuses on crude oil, gasoline, and distillate stocks, it does not directly affect the United States Natural Gas Fund (UNG). Therefore, the impact is expected to be minimal.
CONFIDENCE 95
IMPORTANCE 10
RELEVANCE 10