USA Natural Gas Storage 86B Vs 92B Est.; 90B Prior
Portfolio Pulse from Benzinga Newsdesk
USA Natural Gas Storage reported a figure of 86B, lower than the estimated 92B and the prior figure of 90B.
October 05, 2023 | 2:30 pm
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NEUTRAL IMPACT
The lower than expected natural gas storage may have a neutral impact on SPY as it is a broad-based ETF.
SPY is a broad-based ETF and while energy stocks are part of its holdings, the impact of natural gas storage data is likely to be diluted.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEUTRAL IMPACT
The lower than expected natural gas storage may have a neutral to slightly positive impact on USO as it primarily tracks oil prices.
USO primarily tracks oil prices. While there is some correlation between oil and natural gas prices, the impact of natural gas storage data on USO is likely to be limited.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 60
POSITIVE IMPACT
The lower than expected natural gas storage could potentially lead to a short-term increase in UNG's price due to supply constraints.
UNG's price is directly influenced by natural gas prices. Lower storage levels could indicate supply constraints, which may push up natural gas prices and consequently UNG's price.
CONFIDENCE 80
IMPORTANCE 80
RELEVANCE 90