USA Gasoline Inventories Draw Of 3.310M Vs Draw Of 1.350M Est.; Draw Of 5.662M Est.
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories experienced a significant draw of 3.310 million barrels, surpassing the estimated draw of 1.350 million barrels. This indicates a higher than expected decrease in gasoline stocks.
March 20, 2024 | 2:30 pm
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NEUTRAL IMPACT
The draw in gasoline inventories is less directly related to natural gas, so the impact on UNG might be neutral in the short term.
UNG tracks natural gas prices, which are not directly affected by gasoline inventories. The news might have an indirect effect, but the direct impact on UNG in the short term is expected to be neutral.
CONFIDENCE 60
IMPORTANCE 20
RELEVANCE 30
POSITIVE IMPACT
The draw in gasoline inventories may lead to a positive sentiment in the energy sector, potentially benefiting SPY as it includes energy companies.
SPY, being a broad market ETF, includes companies from the energy sector. A significant draw in gasoline inventories suggests higher demand or lower supply, which can lead to higher energy prices and benefit companies in this sector.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 60