USA Gasoline Inventories A Build Of 1.027M Vs A Draw Of 0.120M Est.; Draw Of 0.831M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories have seen a build of 1.027M, contrasting with the estimated draw of 0.120M and the prior draw of 0.831M.
September 27, 2023 | 2:32 pm
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NEGATIVE IMPACT
The unexpected build in gasoline inventories could put downward pressure on oil prices, potentially impacting USO.
USO is an oil ETF, and changes in gasoline inventories can directly impact oil prices. An unexpected build in inventories suggests a potential oversupply, which could put downward pressure on prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The unexpected build in gasoline inventories may impact the broader market, potentially affecting SPY.
While SPY is a broad market ETF, changes in energy markets can have ripple effects across the economy. However, the direct impact on SPY is uncertain.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The build in gasoline inventories is not directly related to natural gas, so the impact on UNG is likely minimal.
UNG is a natural gas ETF, and while energy markets are interconnected, the direct impact of gasoline inventories on natural gas prices is typically minimal.
CONFIDENCE 90
IMPORTANCE 20
RELEVANCE 20