EIA Weekly Distillates Stocks Build Of 0.949M Vs A Build Of 0.300M Est.; Build Of 1.534M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly build in distillate stocks of 0.949 million barrels, which is higher than the estimated build of 0.300 million barrels and follows a prior build of 1.534 million barrels.
August 07, 2024 | 2:30 pm
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NEGATIVE IMPACT
The EIA's report of a higher-than-expected build in distillate stocks could put downward pressure on oil prices, potentially impacting the United States Oil Fund (USO).
A higher-than-expected build in distillate stocks suggests a potential oversupply in the market, which could lead to lower oil prices. This would negatively impact the United States Oil Fund (USO).
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The EIA's report on distillate stocks could have a minor indirect impact on the SPDR S&P 500 ETF (SPY) due to its exposure to the energy sector.
While the SPDR S&P 500 ETF (SPY) has exposure to the energy sector, the impact of the EIA's distillate stock report is likely to be minor and indirect.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30