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
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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
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