Biden The Master Oil Trader Part IV? President Loads Up On Millions Of Barrels To Refill Emergency Stash In 'One Of The Best Oil Trades In History'
Portfolio Pulse from Aaron Bry
President Biden's administration purchased 6 million barrels of crude oil to refill the Strategic Petroleum Reserve at an average price of $68.56 per barrel. This move is part of a strategy to stabilize the oil market, following the release of over 100 million barrels in 2022. The United States Oil Fund (USO) and the Energy Select Sector SPDR Fund (XLE) experienced fluctuations amid geopolitical tensions.
October 02, 2024 | 8:35 pm
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NEUTRAL IMPACT
The Energy Select Sector SPDR Fund (XLE) initially fell but recovered to be in the green by the end of the trading session amid geopolitical tensions.
XLE's initial drop followed by recovery suggests market volatility due to geopolitical tensions. The fund's recovery indicates resilience in energy stocks.
CONFIDENCE 85
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The United States Oil Fund (USO), which tracks oil prices, fell by more than 2% intraday amid geopolitical tensions in the Middle East.
USO's price is directly influenced by oil market conditions. The geopolitical tensions in the Middle East likely caused uncertainty, leading to a decrease in USO's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80