USA Crude Oil Inventories A Build Of 0.833M Vs A Build Of 0.900M Est.; Draw Of 6.873M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA crude oil inventories shows a build of 0.833 million barrels, which is slightly below the expected build of 0.900 million barrels. This follows a significant draw of 6.873 million barrels in the previous report.
September 11, 2024 | 2:30 pm
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NEUTRAL IMPACT
The SPY ETF, representing the S&P 500, is unlikely to be significantly impacted by the crude oil inventory report, as the build was close to expectations and the market may have already priced in such data.
The SPY ETF is a broad market index and while energy sector movements can influence it, the crude oil inventory build was close to expectations, suggesting limited impact on the broader market.
CONFIDENCE 85
IMPORTANCE 20
RELEVANCE 30
POSITIVE IMPACT
The USO ETF, which tracks crude oil prices, may see a slight impact due to the reported build in crude oil inventories being below expectations. This could indicate a less bearish outlook for oil prices.
The USO ETF is directly tied to crude oil prices. A build in inventories typically suggests lower demand or higher supply, which can be bearish for prices. However, the build was below expectations, which might mitigate the bearish impact, leading to a potential slight positive movement in USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80