EIA Weekly Distillates Stocks A Draw Of 2.227M Vs A Draw Of 2.200M Est.; Build Of 0.125M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a larger-than-expected draw in distillate stocks, with a draw of 2.227 million barrels compared to the estimated draw of 2.200 million barrels. This follows a previous build of 0.125 million barrels.
September 25, 2024 | 2:30 pm
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The larger-than-expected draw in distillate stocks could lead to a short-term increase in oil prices, potentially benefiting the United States Oil Fund (USO).
A larger-than-expected draw in distillate stocks suggests higher demand or lower supply, which can lead to an increase in oil prices. This is likely to positively impact USO, an ETF that tracks oil prices.
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