EIA Weekly Distillates Stocks A Draw Of 0.377M Vs A Draw Of 1.500M Est.; Draw Of 1.726M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw of 0.377 million barrels in distillate stocks, which is significantly lower than the expected draw of 1.500 million barrels and the prior draw of 1.726 million barrels.
June 26, 2024 | 2:30 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The United States Oil Fund (USO) may see a short-term negative impact due to the smaller-than-expected draw in distillate stocks, indicating weaker demand or higher supply.
The smaller-than-expected draw in distillate stocks suggests weaker demand or higher supply, which could negatively impact oil prices and, consequently, the USO ETF.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience a neutral to slightly negative impact as the energy sector could weigh on the broader market due to the smaller-than-expected draw in distillate stocks.
While the energy sector might be negatively impacted, the overall effect on SPY is likely to be muted due to its diversified holdings.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50