EIA Weekly Distillates Stocks A Build Of 0.275M Vs A Draw Of 1.100M Est.; Draw Of 3.312M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a build in distillate stocks of 0.275 million barrels, contrary to the expected draw of 1.100 million barrels. This follows a prior draw of 3.312 million barrels.
August 28, 2024 | 2:30 pm
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The unexpected build in distillate stocks reported by the EIA could lead to short-term downward pressure on oil prices, potentially affecting the United States Oil Fund (USO).
The build in distillate stocks suggests a potential oversupply in the market, which could lead to a decrease in oil prices. As USO tracks oil prices, it is likely to be impacted negatively in the short term.
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IMPORTANCE 70
RELEVANCE 80