Gasoline Inventories A Draw Of 2.28M Vs A Build Of 1.5M Expected
Portfolio Pulse from Benzinga Newsdesk
Gasoline inventories saw a draw of 2.28 million barrels, contrary to the expected build of 1.5 million barrels. This unexpected draw could impact the prices of oil-related assets.
June 20, 2024 | 3:00 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the unexpected draw in gasoline inventories, which could lead to higher oil prices.
The draw in gasoline inventories suggests a higher demand or lower supply than expected, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to benefit from this news.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100