USA Crude Oil Inventories A Draw Of 3.741M Vs A Draw Of 2.600M Est.; Draw Of 4.870M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories saw a draw of 3.741 million barrels, which is larger than the estimated draw of 2.600 million barrels and the prior draw of 4.870 million barrels. This indicates a higher-than-expected reduction in crude oil supply.
July 24, 2024 | 2:30 pm
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POSITIVE IMPACT
The SPDR S&P 500 ETF (SPY) may experience 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 components 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 larger-than-expected draw in crude oil inventories, indicating a reduction in supply which could drive oil prices higher.
A larger-than-expected draw in crude oil inventories suggests a tighter supply, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to benefit from this development.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100