USA Gasoline Inventories A Build Of 0.749M Vs A Draw Of 0.150M Est.; Draw Of 1.540M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw an unexpected build of 0.749 million barrels compared to an estimated draw of 0.150 million barrels. This contrasts with the prior draw of 1.540 million barrels.
November 22, 2023 | 3:30 pm
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NEGATIVE IMPACT
The unexpected build in gasoline inventories may lead to a negative impact on energy sector stocks within the SPY ETF, potentially affecting its short-term performance.
The SPY ETF includes companies from the energy sector, which can be sensitive to changes in gasoline inventories. An unexpected build suggests weaker demand or over-supply, which can lead to lower fuel prices and potentially negatively impact the profitability of energy companies in the short term. This, in turn, could lead to a decrease in the stock prices of these companies, affecting the overall performance of the SPY ETF.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70