USA Crude Oil Inventories A Draw Of 4.649M Vs a Draw Of 2.000M Est.; Build Of 1.357M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA crude oil inventories shows a draw of 4.649 million barrels, significantly higher than the estimated draw of 2.000 million barrels and contrasting with the previous build of 1.357 million barrels.
August 21, 2024 | 2:30 pm
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NEUTRAL IMPACT
The significant draw in crude oil inventories may have a mixed impact on SPY, as it could lead to higher energy prices, affecting various sectors differently.
While higher oil prices can benefit energy stocks within SPY, they may also increase costs for other sectors, leading to a mixed impact on the ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The larger-than-expected draw in crude oil inventories is likely to positively impact the United States Oil Fund (USO), as it suggests a tighter supply in the oil market.
A larger-than-expected draw in crude oil inventories typically indicates a tighter supply, which can lead to higher oil prices. This is beneficial for USO, an ETF that tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80