U.S. EIA Raises 2024 Average Retail Gasoline Price Forecast By $0.20 To $3.50/Gallon
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) has increased its forecast for the average retail gasoline price in 2024 by $0.20, now expecting it to be $3.50 per gallon, according to Reuters.
March 12, 2024 | 5:42 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) may experience indirect effects due to the EIA's raised gasoline price forecast, potentially influencing consumer spending and overall economic outlook.
While SPY, an ETF that tracks the S&P 500, is not directly related to gasoline prices, changes in energy costs can affect consumer spending and economic growth, thereby influencing the performance of the broad market and SPY indirectly.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The United States Natural Gas Fund (UNG) might see short-term price movements as the EIA's forecast could influence energy sector sentiments, despite focusing on gasoline.
Although UNG is primarily focused on natural gas, the EIA's forecast for higher gasoline prices in 2024 could affect overall energy market sentiments and indirectly impact UNG's price in the short term.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 40