EIA Weekly Distillates Stocks Draw Of 2.28M Vs Draw Of 500K Expected
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a significant draw in distillate stocks of 2.28 million barrels, much higher than the expected draw of 500,000 barrels. This indicates a tighter supply in the market.
June 20, 2024 | 3:01 pm
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The EIA reported a draw in distillate stocks of 2.28 million barrels, significantly higher than the expected 500,000 barrels. This tighter supply could lead to an increase in oil prices, positively impacting the United States Oil Fund (USO).
A larger-than-expected draw in distillate stocks suggests a tighter supply in the oil market, which typically leads to higher oil prices. As USO tracks the price of oil, this news is likely to have a positive impact on its price.
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