USA Crude Oil Inventories A Draw Of 12.157M Vs A Draw Of 0.400M Est.; Build Of 3.591M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a significant draw of 12.157 million barrels, much larger than the estimated draw of 0.400 million barrels and the previous build of 3.591 million barrels.
July 03, 2024 | 2:30 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) might experience a slight positive impact as higher oil prices can boost energy sector stocks, which are part of the S&P 500 index.
Higher oil prices can positively affect energy sector stocks, which are components of the S&P 500 index, potentially benefiting SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The United States Oil Fund (USO) is likely to see a positive impact due to the significant draw in crude oil inventories, which could lead to higher oil prices.
A larger-than-expected draw in crude oil inventories typically leads to higher oil prices, which would benefit USO as it tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100