EIA Weekly Distillates Stocks A Draw Of 1.140M Barrels Vs A Draw Of 2.000M Barrels Est.; Draw Of 3.534M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a draw of 1.140 million barrels in distillate stocks, which is less than the expected draw of 2.000 million barrels and significantly less than the prior draw of 3.534 million barrels.
October 23, 2024 | 2:32 pm
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The smaller-than-expected draw in distillate stocks could indicate weaker demand or higher supply, potentially putting downward pressure on oil prices, affecting USO.
USO, an oil ETF, is likely to be impacted by changes in oil inventory levels. A smaller draw than expected suggests either weaker demand or higher supply, which can lead to lower oil prices.
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