API Weekly Crude Oil Stock Build Of 1.643 Barrels Vs Build Of 0.700M Barrel Est.; Draw Of 1.580M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock build of 1.643 million barrels, which is significantly higher than the expected build of 0.700 million barrels. This follows a previous draw of 1.580 million barrels.
October 22, 2024 | 8:43 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The larger-than-expected crude oil stock build reported by API could lead to a short-term decrease in oil prices, potentially impacting the United States Oil Fund (USO) negatively.
A higher-than-expected crude oil stock build typically indicates lower demand or higher supply, which can lead to a decrease in oil prices. As USO tracks the price of oil, it is likely to be negatively impacted in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The crude oil stock build reported by API may have a minor indirect impact on the SPDR S&P 500 ETF (SPY) as energy sector stocks could be affected.
While SPY is a broad market ETF, fluctuations in oil prices can affect energy sector stocks within the S&P 500. However, the overall impact on SPY is likely to be minor.
CONFIDENCE 70
IMPORTANCE 20
RELEVANCE 30