EIA Weekly Distillates Stocks A Draw Of 2.753M Vs Build Of 3.454M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw of 2.753 million barrels in distillate stocks, contrasting with the previous week's build of 3.454 million barrels.
July 24, 2024 | 2:30 pm
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POSITIVE IMPACT
The EIA's report of a 2.753 million barrel draw in distillate stocks is likely to positively impact the United States Oil Fund (USO) as it indicates a tightening supply.
A draw in distillate stocks suggests a decrease in supply, which typically leads to higher oil prices. This is beneficial for USO, an ETF that tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The EIA's report of a draw in distillate stocks may have a mixed impact on SPY, as higher oil prices can increase costs for many companies within the S&P 500.
While higher oil prices can benefit energy companies, they can also increase operational costs for other sectors within the S&P 500, leading to a neutral overall impact on SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50