USA Crude Oil Inventories A Draw Of 2.191M Vs A Build Of 1.800M Est.; Build Of 5.810M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA crude oil inventories shows a draw of 2.191 million barrels, contrary to the expected build of 1.800 million barrels and the previous build of 5.810 million barrels. This unexpected draw could impact oil-related assets.
October 17, 2024 | 3:00 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may see a positive impact due to the unexpected draw in crude oil inventories, which suggests a tighter supply than anticipated.
The draw in crude oil inventories suggests a tighter supply, which typically leads to higher oil prices. As USO tracks the price of oil, it is likely to see a positive impact.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) might experience indirect effects from the crude oil inventory draw, as energy sector stocks could be influenced by changes in oil prices.
While SPY is a broad market ETF, changes in oil prices can affect energy sector stocks within the S&P 500, potentially influencing SPY's performance.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 40