USA API Weekly Crude Oil Stock 4.339M Barrel Draw Vs 1.100M Barrel Draw Est.; 1.960M Barrel Build Prior
Portfolio Pulse from Benzinga Newsdesk
The USA API reported a significant crude oil stock draw of 4.339 million barrels, compared to the expected draw of 1.100 million barrels. This is a notable change from the previous build of 1.960 million barrels.
September 24, 2024 | 8:36 pm
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POSITIVE IMPACT
The larger-than-expected crude oil stock draw reported by the USA API is likely to positively impact the United States Oil Fund (USO), as it suggests a tighter supply which could lead to higher oil prices.
A larger-than-expected draw in crude oil stocks typically indicates a tighter supply, which can lead to higher oil prices. This is beneficial for USO, an ETF that tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The significant crude oil stock draw could have a mixed impact on SPY, as higher oil prices may benefit energy stocks within the ETF but could also increase costs for other sectors.
While energy stocks within SPY may benefit from higher oil prices, other sectors could face increased costs, leading to a mixed impact on the ETF.
CONFIDENCE 80
IMPORTANCE 50
RELEVANCE 50