EIA Weekly Distillates Stocks A Draw Of 0.371M Vs A Build Of 0.710M Est.; Build Of 0.275M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a draw in weekly distillates stocks of 0.371 million barrels, contrary to the expected build of 0.710 million barrels. This follows a prior build of 0.275 million barrels.
September 05, 2024 | 3:00 pm
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The unexpected draw in distillates stocks reported by the EIA could lead to a short-term increase in oil prices, potentially benefiting the United States Oil Fund (USO).
A draw in distillates stocks suggests tighter supply, which can lead to higher oil prices. USO, being an oil fund, is likely to benefit from this price increase.
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