USA Natural Gas Storage 76B Vs 83B Est.; 95B Prior
Portfolio Pulse from Happy Mohamed
The USA Natural Gas Storage reported a figure of 76B, which is lower than the estimated 83B and the prior figure of 95B.
June 29, 2023 | 2:32 pm
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NEGATIVE IMPACT
The lower than expected natural gas storage figures could negatively impact UNG, a natural gas ETF.
UNG is a natural gas ETF and is directly influenced by natural gas storage data. Lower than expected figures indicate a potential oversupply in the market, which could lead to lower natural gas prices and negatively impact UNG.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
The lower than expected natural gas storage may indirectly affect SPY as it reflects the overall market conditions.
SPY, being a broad market ETF, can be influenced by a variety of factors, including energy market conditions. However, the direct impact of natural gas storage data on SPY is not very clear and thus the score is neutral.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50