USA API Weekly Crude Oil Stock A Build Of 10.900M Barrels Vs A Build Of 1.950M Barrels Est.; A Draw Of 1.458M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The USA API weekly crude oil stock report revealed a significant build of 10.9 million barrels, far exceeding the estimated build of 1.950 million barrels and contrasting with the previous draw of 1.458 million barrels.
October 08, 2024 | 8:36 pm
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NEUTRAL IMPACT
The significant build in crude oil stocks could have a mixed impact on SPY, as lower oil prices may benefit some sectors while hurting others.
While lower oil prices can reduce costs for oil-consuming sectors, they can also hurt energy companies. SPY, being a broad market ETF, may see mixed impacts.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The unexpected large build in crude oil stocks is likely to put downward pressure on oil prices, negatively impacting the United States Oil Fund (USO).
A larger than expected build in crude oil stocks typically leads to a decrease in oil prices due to increased supply. This is likely to negatively impact USO, which tracks the price of oil.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80