USA Gasoline Inventories Draw 0.259M; Build Of 0.666M Barrels Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report indicates a draw in USA gasoline inventories by 0.259 million barrels, compared to a previous build of 0.666 million barrels. This change in inventory levels could impact energy-related ETFs and stocks.
October 30, 2024 | 2:31 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may experience a positive impact due to the draw in gasoline inventories, indicating potential increased demand or reduced supply.
A draw in gasoline inventories often suggests higher demand or lower supply, which can lead to higher oil prices. USO, being an oil fund, is likely to benefit from this scenario.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) might see limited impact from the gasoline inventory draw, as it is a broad market ETF and energy is just one of its components.
While energy sector movements can affect SPY, the impact is diluted due to its diversified holdings across various sectors.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 30