U.S. Natural Gas Storage Draw Of 154B Vs Draw Of 164B Est.; Draw Of 140B Prior
Portfolio Pulse from Benzinga Newsdesk
The U.S. reported a natural gas storage draw of 154 billion cubic feet, compared to the expected draw of 164 billion and the previous draw of 140 billion cubic feet.
January 18, 2024 | 3:30 pm
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NEUTRAL IMPACT
SPY, an ETF tracking the S&P 500, may experience indirect impact due to changes in energy sector dynamics reflected by the natural gas storage data.
While SPY is a broad market ETF, energy sector performance influenced by natural gas storage data can affect its value. However, the impact is diluted due to SPY's diversified nature.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30
NEUTRAL IMPACT
UNG, an ETF focused on natural gas, may see a direct impact from the reported natural gas storage draw, which was less than expected but greater than the previous week.
UNG's value is closely tied to natural gas prices, which can be affected by storage data. The less-than-expected draw suggests a potential easing of supply concerns, which could stabilize prices.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80