USA Gasoline Inventories A Draw Of 0.235M Vs A Build Of 0.880M Est.; Build Of 0.915M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a draw of 0.235 million barrels, contrary to the expected build of 0.880 million barrels and the prior build of 0.915 million barrels.
May 15, 2024 | 2:31 pm
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POSITIVE IMPACT
The unexpected draw in gasoline inventories could indicate higher demand or supply constraints, potentially leading to higher energy prices. This may positively impact SPY as energy stocks are a significant component.
SPY includes energy stocks, which may benefit from higher energy prices due to the draw in gasoline inventories.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
While UNG focuses on natural gas, the draw in gasoline inventories may signal broader energy market trends, potentially leading to increased interest in energy commodities.
UNG may see indirect benefits as the draw in gasoline inventories could indicate a tighter energy market overall.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30