USA Gasoline Inventories A Build Of 6.481M Vs A Build Of 0.161M Est.; Build Of 1.027M Prior
Portfolio Pulse from Happy Mohamed
USA gasoline inventories have seen a significant increase of 6.481 million, compared to the estimated build of 0.161 million and the prior build of 1.027 million.
October 04, 2023 | 2:31 pm
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NEGATIVE IMPACT
The significant build in gasoline inventories could negatively impact USO, which tracks oil prices.
USO tracks the price of West Texas Intermediate light, sweet crude oil. A significant build in gasoline inventories indicates a potential oversupply in the market, which could lead to lower oil prices and negatively impact USO.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The significant build in gasoline inventories may impact SPY as it reflects broader economic activity.
The SPY ETF tracks the S&P 500, which includes companies from the energy sector. A significant build in gasoline inventories indicates a potential oversupply, which could impact energy prices and, by extension, energy companies within the S&P 500.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The build in gasoline inventories is not directly related to natural gas and therefore is unlikely to have a significant impact on UNG.
UNG tracks natural gas futures. While both are energy commodities, the inventory levels of gasoline do not directly impact the price of natural gas. Therefore, the impact on UNG is expected to be minimal.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30