EIA Weekly Distillates Stocks A Draw Of 1.535M Vs A Draw Of 1.100M Est.; Draw Of 0.377M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a larger-than-expected draw in distillate stocks, with a draw of 1.535 million barrels compared to the estimated draw of 1.100 million barrels. This is also significantly higher than the prior draw of 0.377 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 impact energy sector stocks, which are a component 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 larger-than-expected draw in distillate stocks, indicating higher demand or lower supply.
A larger-than-expected draw in distillate stocks suggests higher demand or lower supply, which is generally positive for oil prices and, by extension, for USO.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100