API Weekly Crude Oil Stock 4.44M Barrel Draw Vs 1.923M Barrel Draw Prior
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a significant draw of 4.44 million barrels in crude oil stock, compared to the previous draw of 1.923 million barrels. This larger-than-expected draw could impact oil prices and related assets.
July 16, 2024 | 8:45 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) might experience a slight positive impact due to the significant draw in crude oil stock. 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 components of the S&P 500 index. This could lead to a slight positive impact on SPY.
CONFIDENCE 80
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 stock reported by the API. A larger-than-expected draw typically leads to higher oil prices, benefiting oil-related ETFs.
A larger-than-expected draw in crude oil stock usually leads to an increase in oil prices. As USO is directly tied to oil prices, it is likely to benefit from this news.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80