USA Gasoline Inventories Build Of 0.344M Vs Draw Of 0.634M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories increased by 0.344 million barrels, contrasting with a decrease of 0.634 million barrels in the previous period. This unexpected build could influence gasoline prices and related stocks.
May 01, 2024 | 2:31 pm
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NEUTRAL IMPACT
The build in gasoline inventories may indirectly affect UNG, as changes in gasoline supply can influence natural gas markets, albeit UNG is more directly tied to natural gas than gasoline.
While UNG is directly related to natural gas, the build in gasoline inventories can have indirect effects on natural gas prices and demand, influencing UNG's performance. However, the direct impact may be limited as UNG tracks natural gas more closely than gasoline.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 50