USA Gasoline Inventories A Draw Of 2.550M Vs A Draw Of 1.417M Est.; Build Of 0.603M Prior
Portfolio Pulse from Happy Mohamed
USA gasoline inventories have seen a draw of 2.550M, which is higher than the estimated draw of 1.417M. This is compared to a build of 0.603M in the prior period.
July 06, 2023 | 3:03 pm
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NEUTRAL IMPACT
The higher than expected draw in gasoline inventories may impact the SPY ETF, which has exposure to the energy sector.
The SPY ETF has exposure to the energy sector. A higher than expected draw in gasoline inventories indicates a higher demand or lower supply, which could potentially impact the energy sector and therefore the SPY ETF. However, the impact is not direct and there are many other factors at play, hence the neutral score.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The draw in gasoline inventories is not directly related to natural gas and therefore is unlikely to have a significant impact on the UNG ETF.
The UNG ETF tracks natural gas futures. While both gasoline and natural gas are part of the energy sector, they are different commodities with different supply and demand dynamics. Therefore, a draw in gasoline inventories is unlikely to have a significant impact on the UNG ETF.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30