EIA Weekly Distillates Stocks A Build Of 3.454M Vs A Draw Of 0.500M Est.; Build Of 4.884M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a build of 3.454 million barrels in distillate stocks, contrary to the expected draw of 0.500 million barrels. This follows a previous build of 4.884 million barrels.
July 17, 2024 | 2:30 pm
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NEGATIVE IMPACT
The unexpected build in distillate stocks reported by the EIA is likely to put downward pressure on oil prices, which could negatively impact the United States Oil Fund (USO).
An unexpected build in distillate stocks typically indicates lower demand or higher supply, which can lead to a decrease in oil prices. This is likely to negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The build in distillate stocks could signal broader economic trends, potentially impacting the SPDR S&P 500 ETF (SPY) if it reflects lower industrial activity.
While the build in distillate stocks is more directly related to the energy sector, it could have broader economic implications. However, the impact on SPY is less direct and more uncertain.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50