EIA Weekly Distillates Stocks A Draw Of 3.124M Vs A Draw Of 2.300M Est.; Draw Of 1.284M Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a larger-than-expected draw in distillate stocks, with a draw of 3.124 million barrels compared to the estimated 2.300 million barrels. This is also a significant increase from the prior draw of 1.284 million barrels.
October 09, 2024 | 2:30 pm
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POSITIVE IMPACT
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 draw in distillate stocks suggests higher demand or lower supply, which can lead to an increase in oil prices. As USO tracks the price of oil, it is likely to benefit from this development.
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