EIA Weekly Distillates Stocks A Draw Of 1.673M Vs A Draw Of 1.800M Est.; Build Of 0.949M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw in distillate stocks of 1.673 million barrels, which is less than the estimated draw of 1.800 million barrels. This follows a prior build of 0.949 million barrels.
August 14, 2024 | 2:30 pm
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NEGATIVE IMPACT
The EIA's report of a smaller-than-expected draw in distillate stocks could lead to a short-term decrease in oil prices, potentially impacting the United States Oil Fund (USO).
A smaller-than-expected draw in distillate stocks suggests that supply is higher than anticipated, which could put downward pressure on oil prices. This is likely to negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The EIA's report on distillate stocks could have a minor impact on the broader market, including the SPDR S&P 500 ETF (SPY), due to its influence on energy sector stocks.
While the EIA's report primarily affects the energy sector, its influence could extend to the broader market, including the SPDR S&P 500 ETF (SPY), albeit to a lesser extent.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50