USA Gasoline Inventories A Draw Of 0.831M Vs A Build Of 0.317M Est.; Build Of 5.560M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories have seen a draw of 0.831M, contrasting with an estimated build of 0.317M and a prior build of 5.560M.
September 20, 2023 | 2:31 pm
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NEUTRAL IMPACT
The draw in gasoline inventories may impact the SPY ETF, which has exposure to the energy sector.
The draw in gasoline inventories indicates a potential increase in demand or decrease in supply, which could impact energy sector stocks and, by extension, the SPY ETF. However, the impact is uncertain due to the complex nature of the energy market and the diversified nature of the SPY ETF.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The draw in gasoline inventories is unlikely to have a significant impact on the UNG ETF, which is focused on natural gas.
While the draw in gasoline inventories indicates changes in the energy market, the UNG ETF is focused on natural gas, not gasoline. Therefore, the impact on UNG is likely to be minimal.
CONFIDENCE 80
IMPORTANCE 30
RELEVANCE 30
NEUTRAL IMPACT
The draw in gasoline inventories could impact the USO ETF, which tracks the price of oil, as gasoline is a derivative of oil.
The draw in gasoline inventories could indicate an increase in demand or decrease in supply for gasoline, which could impact oil prices due to gasoline being a derivative of oil. This could, in turn, impact the USO ETF, which tracks oil prices. However, the impact is uncertain due to the complex nature of the oil market.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 70