USA Crude Oil Inventories A Build Of 1.357M Vs A Draw Of 1.900M Est.; Draw Of 3.728M Prior
Portfolio Pulse from Benzinga Newsdesk
USA crude oil inventories reported a build of 1.357 million barrels, contrary to the expected draw of 1.900 million barrels and the prior draw of 3.728 million barrels.
August 14, 2024 | 2:30 pm
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NEGATIVE IMPACT
The United States Oil Fund (USO) is likely to be impacted by the unexpected build in crude oil inventories, which could put downward pressure on oil prices.
The unexpected build in crude oil inventories suggests a potential oversupply in the market, which could lead to lower oil prices. This is likely to negatively impact the United States Oil Fund (USO).
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience minor fluctuations due to the build in crude oil inventories, as energy sector stocks could be affected.
While the SPDR S&P 500 ETF (SPY) is broadly diversified, the energy sector within the ETF could see some impact from the unexpected build in crude oil inventories. However, the overall impact on SPY is likely to be minor.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50