USA Gasoline Inventories A Draw OF 2.053M Vs A Draw Of 0.695M Est.; Draw Of 1.381M Prior
Portfolio Pulse from Happy Mohamed
USA gasoline inventories report a draw of 2.053 million barrels, higher than the estimated draw of 0.695 million barrels and the prior draw of 1.381 million barrels.
May 24, 2023 | 2:32 pm
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NEUTRAL IMPACT
The United States Natural Gas Fund (UNG) may be impacted by the higher-than-expected draw in gasoline inventories.
The higher-than-expected draw in gasoline inventories may indicate increased demand for gasoline, which could impact the price of natural gas and UNG. However, the direct correlation between gasoline inventories and UNG is not strong enough to predict a clear short-term price direction.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50