USA Gasoline Inventories A Draw Of 0.575M Vs A Build Of 0.400M Est.; Build Of 2.710M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA gasoline inventories indicates a draw of 0.575 million barrels, contrasting with the estimated build of 0.400 million barrels and the previous build of 2.710 million barrels. This suggests a decrease in gasoline supplies which could affect energy sector stocks and ETFs.
December 28, 2023 | 4:01 pm
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NEUTRAL IMPACT
SPY, an ETF tracking the S&P 500, may experience indirect impact due to the draw in gasoline inventories as energy sector stocks react to the news.
SPY includes a variety of companies, including those in the energy sector. A draw in gasoline inventories can be a sign of higher demand or lower supply, potentially benefiting energy companies in the short term. However, the impact on SPY as a whole may be muted due to its diversified nature.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50
NEUTRAL IMPACT
UNG, an ETF focused on natural gas, is not directly impacted by gasoline inventories, but the overall sentiment in the energy market could have a minor effect.
UNG tracks natural gas prices, which are not directly correlated with gasoline inventories. However, general trends in the energy market can sometimes influence investor sentiment across different energy commodities.
CONFIDENCE 60
IMPORTANCE 20
RELEVANCE 30
POSITIVE IMPACT
USO, an ETF that tracks crude oil prices, may see a positive short-term impact as the draw in gasoline inventories suggests higher oil demand.
USO is directly related to the oil market, and a draw in gasoline inventories typically indicates higher demand for crude oil, as gasoline is derived from oil. This could lead to a short-term positive impact on USO's price.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80