EIA Weekly Distillates Stocks Draw Of 0.977M Vs A Draw Of 1.590M Barrels Est.; Draw Of 1.140M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The EIA reported a weekly draw in distillate stocks of 0.977 million barrels, which is less than the expected draw of 1.590 million barrels and also less than the prior draw of 1.140 million barrels.
October 30, 2024 | 2:30 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) is unlikely to be significantly impacted by the EIA's report on distillate stocks, as it is more broadly diversified across sectors.
SPY is a broad market ETF and is not directly tied to oil prices. The EIA report on distillate stocks is unlikely to have a significant impact on SPY's performance.
CONFIDENCE 95
IMPORTANCE 20
RELEVANCE 20
NEUTRAL IMPACT
The United States Oil Fund (USO) may experience a neutral to slightly negative impact due to the smaller-than-expected draw in distillate stocks, indicating potentially weaker demand or higher supply than anticipated.
The draw in distillate stocks was smaller than expected, which could suggest weaker demand or higher supply. This may lead to a neutral or slightly negative impact on USO, as it reflects oil price movements.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80