Natural Gas Storage Draw Of 75B bcf Vs Draw Of 73B bcf Est.; Draw Of 197B bcf Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report indicates a natural gas storage draw of 75 billion cubic feet (bcf), compared to the estimated draw of 73 bcf. This is a significant decrease from the prior draw of 197 bcf.
February 08, 2024 | 3:33 pm
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NEUTRAL IMPACT
The United States Natural Gas Fund (UNG) may experience volatility following the reported natural gas storage draw, which was slightly above estimates but much lower than the previous period.
The natural gas storage draw being slightly above estimates suggests a tighter supply than anticipated, which could lead to increased prices and benefit UNG. However, the significant decrease from the prior draw indicates a potential easing of supply constraints, which could have an opposite effect. The net impact on UNG is uncertain, hence the neutral score.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80