USA Natural Gas Storage -87B Vs -82B Est.; -55B Prior
Portfolio Pulse from Benzinga Newsdesk
USA Natural Gas Storage reported a decrease of 87 billion cubic feet, surpassing the estimated decrease of 82 billion cubic feet and the prior decrease of 55 billion cubic feet.
December 21, 2023 | 3:30 pm
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POSITIVE IMPACT
UNG, an ETF that tracks natural gas, is likely to be directly impacted by the larger-than-expected decrease in natural gas storage, potentially leading to an increase in natural gas prices and UNG's value.
The United States Natural Gas Fund (UNG) is directly correlated with natural gas prices. The reported larger-than-expected decrease in storage typically indicates higher demand or lower supply, which can lead to higher natural gas prices and thus positively impact UNG's price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
NEUTRAL IMPACT
SPY, an ETF that tracks the S&P 500, may experience indirect impact due to the larger-than-expected decrease in natural gas storage, potentially affecting energy sector stocks.
While SPY is a broad market ETF, the unexpected change in natural gas storage could affect energy sector stocks within the S&P 500, which in turn could have a minor impact on SPY's performance. However, the effect is likely to be diluted due to the diversified nature of the ETF.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50