EIA Weekly Distillates Stocks A Build Of 2.308M Vs A Build Of 0.300M Est.; Draw Of 0.371M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a larger-than-expected build in distillate stocks, with an increase of 2.308 million barrels compared to the estimated 0.300 million. This follows a previous draw of 0.371 million barrels.
September 11, 2024 | 2:30 pm
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The larger-than-expected build in distillate stocks could lead to downward pressure on oil prices, potentially affecting the United States Oil Fund (USO).
A build in distillate stocks suggests a potential oversupply in the market, which can lead to lower oil prices. As USO tracks oil prices, it may experience downward pressure.
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