USA API Weekly Crude Oil Stock A Draw Of 1.500M Barrels Vs A Draw Of 2.100M Barrels Est.; Draw Of 4.339M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The USA API weekly crude oil stock report showed a draw of 1.500 million barrels, which is less than the estimated draw of 2.100 million barrels and significantly less than the prior draw of 4.339 million barrels.
October 01, 2024 | 8:39 pm
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NEGATIVE IMPACT
The USO ETF, which tracks crude oil prices, may experience a short-term impact due to the smaller-than-expected draw in crude oil stocks.
The USO ETF is directly linked to crude oil prices. A smaller-than-expected draw in crude oil stocks can indicate less demand or higher supply, potentially leading to a decrease in oil prices, which would negatively impact USO.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPY ETF, representing the S&P 500, may see limited impact from the crude oil stock report, as it is more diversified across sectors.
While energy stocks are part of the S&P 500, the SPY ETF is diversified across various sectors. The crude oil stock draw is less likely to have a significant impact on the overall index.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30