USA Gasoline Inventories A Build Of 0.408M Vs A Build Of 1.933M Est.; Build Of 5.421M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a build of 0.408 million barrels, which is lower than the estimated build of 1.933 million barrels and also below the prior build of 5.421 million barrels.
December 13, 2023 | 3:31 pm
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POSITIVE IMPACT
The lower-than-expected build in gasoline inventories may indicate a tighter supply or higher demand, potentially having a positive impact on the broader market as reflected by SPY.
SPY, which tracks the S&P 500, may react positively to signs of economic strength or increased demand, which could be inferred from a lower-than-expected build in gasoline inventories.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
POSITIVE IMPACT
The smaller-than-expected increase in gasoline inventories suggests a potential bullish signal for oil demand, which could positively impact USO, an ETF that tracks crude oil prices.
USO may see a positive impact as the data suggests a tighter oil market, which can lead to higher oil prices and benefit the ETF that tracks this commodity.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
The build in gasoline inventories is not directly related to natural gas, so the short-term impact on UNG, an ETF tracking natural gas, is likely to be neutral.
UNG is focused on natural gas, and the report pertains to gasoline inventories, which are separate commodities with different market dynamics.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 20