EIA Weekly Distillates Stocks A Draw Of 1.284M Barrels Vs A Draw Of 1.900M Barrels Est.; Draw Of 2.227M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a draw of 1.284 million barrels in distillate stocks, which is less than the expected draw of 1.900 million barrels and the prior draw of 2.227 million barrels.
October 02, 2024 | 2:30 pm
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The EIA's report of a smaller-than-expected draw in distillate stocks could indicate a potential short-term decrease in oil prices, affecting USO.
USO, which tracks oil prices, could be impacted by the EIA's report showing a smaller draw in distillate stocks than expected. This suggests less demand or higher supply, potentially leading to lower oil prices.
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