USA Crude Oil Inventories Draw Of 0.515M Vs A Build Of 1.500M Barrels Est.; Build Of 5.474M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA crude oil inventories shows a draw of 0.515 million barrels, contrary to the expected build of 1.500 million barrels. This follows a previous build of 5.474 million barrels.
October 30, 2024 | 2:30 pm
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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 oil price movements.
While SPY is a broad market ETF, the energy sector is a component of the S&P 500. Changes in oil prices can affect energy stocks, which may have a minor impact on SPY.
CONFIDENCE 70
IMPORTANCE 30
RELEVANCE 40
POSITIVE IMPACT
The United States Oil Fund (USO) may see a positive impact due to the unexpected draw in crude oil inventories, which suggests tighter supply conditions.
The draw in crude oil inventories suggests a tighter supply than anticipated, which typically supports higher oil prices. As USO tracks the price of oil, it is likely to benefit from this news.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80