API Weekly Crude Oil Stock: 1.96M Barrel Build vs 100K Barrel Draw Est.
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a crude oil stock build of 1.96 million barrels, contrary to the expected draw of 100,000 barrels. This unexpected increase in crude oil inventory could impact oil prices and related ETFs.
September 17, 2024 | 8:42 pm
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NEGATIVE IMPACT
The unexpected build in crude oil stocks reported by API could lead to a short-term decrease in oil prices, potentially impacting the United States Brent Oil Fund (BNO).
BNO is directly linked to Brent oil prices. An unexpected increase in crude oil inventory typically leads to a decrease in oil prices, which could negatively impact BNO's performance in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
The API's report of a 1.96 million barrel build in crude oil stocks could negatively affect the United States Oil Fund (USO) as it may lead to a decrease in oil prices.
USO is closely tied to crude oil prices. An unexpected build in oil stocks often results in lower oil prices, which could adversely affect USO's short-term performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80