USA API Weekly Crude Oil Stock 2.790M Draw Vs 0.700M Build Est.; 7.400M Draw Prior
Portfolio Pulse from Benzinga Newsdesk
The USA API reported a weekly crude oil stock draw of 2.790 million barrels, contrary to the expected build of 0.700 million barrels. This follows a previous draw of 7.400 million barrels.
September 10, 2024 | 8:41 pm
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NEUTRAL IMPACT
The unexpected draw in crude oil stocks may have a mixed impact on SPY, as higher oil prices can affect various sectors differently.
While higher oil prices can benefit energy stocks within SPY, they may also increase costs for other sectors, leading to a neutral overall impact.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The unexpected draw in crude oil stocks reported by the USA API could lead to a short-term increase in oil prices, positively impacting the United States Oil Fund (USO).
The draw in crude oil stocks suggests a tighter supply than anticipated, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to benefit from this development.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80