USA Gasoline Inventories A Build Of 2.710M Vs A Build Of 1.233M Est.; Build Of 0.408M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw an increase of 2.710 million barrels, surpassing the estimated build of 1.233 million barrels and the previous build of 0.408 million barrels.
December 20, 2023 | 3:31 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect effects due to the build in gasoline inventories as it reflects the broader market, including energy sector performance.
While SPY is a broad market ETF and not solely focused on energy, movements in energy inventories can affect the energy sector stocks within the ETF, potentially leading to a neutral short-term impact on SPY's price.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
NEUTRAL IMPACT
The United States Natural Gas Fund (UNG) is not directly impacted by gasoline inventories as it is focused on natural gas, which is a different energy commodity.
UNG's focus is on natural gas, and the reported build in gasoline inventories does not have a direct correlation with natural gas prices or UNG's performance.
CONFIDENCE 90
IMPORTANCE 10
RELEVANCE 10
NEGATIVE IMPACT
The United States Oil Fund (USO) could see a short-term negative impact due to the higher-than-expected build in gasoline inventories, suggesting potential oversupply in the market.
USO, which tracks crude oil prices, could be negatively affected in the short term as a significant build in gasoline inventories often implies lower demand or oversupply, which can lead to lower oil prices.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80