USA Natural Gas Storage 92B Vs 87B Est.; 50B Prior
Portfolio Pulse from Benzinga Newsdesk
USA Natural Gas Storage increased by 92B, surpassing the estimated 87B and significantly higher than the prior 50B.
April 25, 2024 | 2:31 pm
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NEGATIVE IMPACT
The United States Natural Gas Fund (UNG) is likely to be impacted by the higher-than-expected natural gas storage data, indicating a potential surplus.
The increase in natural gas storage suggests a surplus, which typically leads to lower natural gas prices. As UNG tracks the price of natural gas, a surplus could negatively impact its price in the short term.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 90
NEUTRAL IMPACT
SPDR S&P 500 ETF Trust (SPY) may see indirect effects due to the natural gas storage report, influencing energy sector stocks within the S&P 500.
While SPY is diversified across various sectors, the natural gas storage report could indirectly affect the energy sector stocks within the S&P 500, potentially causing minor fluctuations in SPY's price.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50