USA Gasoline Inventories A Draw Of 4.256M Vs A Draw Of 0.820M Est.; Build Of 1.299M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories experienced a significant draw of 4.256 million, surpassing the estimated draw of 0.820 million and contrasting with a prior build of 1.299 million. This indicates a higher than expected decrease in gasoline stocks.
April 03, 2024 | 2:30 pm
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NEUTRAL IMPACT
The significant draw in gasoline inventories may lead to increased energy sector volatility, potentially impacting 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 volatility in energy stocks and, by extension, impact SPY's performance. However, the effect might be moderated by SPY's diversified nature.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The draw in gasoline inventories is less directly related to natural gas, making the short-term impact on UNG neutral.
UNG tracks natural gas prices, which are not directly correlated with gasoline inventories. Therefore, while the draw indicates changes in the energy market, it does not have a direct short-term impact on natural gas prices or UNG.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 30