USA Gasoline Inventories A Draw Of 1.500M Vs A Build Of 0.622M Est.; Build Of 0.065M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories experienced a draw of 1.500 million barrels, contrasting with the estimated build of 0.622 million barrels and the prior build of 0.065 million barrels.
November 15, 2023 | 3:31 pm
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NEUTRAL IMPACT
The report does not directly relate to natural gas inventories, so UNG is likely to have a neutral short-term impact from this news.
UNG tracks natural gas and the news is specific to gasoline inventories, hence the impact on UNG is expected to be minimal or neutral in the short term.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 10
POSITIVE IMPACT
The draw in gasoline inventories may lead to a short-term positive sentiment in the energy sector, potentially benefiting SPY as it includes energy companies.
SPY, being a broad market ETF, may see a positive impact due to the draw in gasoline inventories, as it suggests higher demand or lower supply than expected, which can be beneficial for energy stocks within the ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
The draw in gasoline inventories indicates higher demand or lower supply, which could lead to a short-term positive impact on USO, an ETF tracking crude oil.
USO, which tracks crude oil, may benefit from the gasoline inventory draw as it implies a potential increase in crude oil demand or a decrease in supply, leading to higher oil prices.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80