USA Crude Oil Inventories A Draw Of 4.870M Vs A Draw Of 0.900M Est.; Draw Of 3.443M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a significant draw of 4.870 million barrels, much higher than the estimated draw of 0.900 million barrels and the prior draw of 3.443 million barrels.
July 17, 2024 | 2:30 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) might see a slight positive impact as higher oil prices can benefit 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. This could provide a slight boost to 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 suggests higher demand or lower supply.
A larger-than-expected draw in crude oil inventories typically indicates higher demand or lower supply, which can lead to higher oil prices. This is beneficial for USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100