USA Natural Gas Storage 70B Vs 76B Est.; 79B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows an increase of 70 billion cubic feet, which is below the estimated 76 billion cubic feet and the prior week's increase of 79 billion cubic feet.
May 16, 2024 | 2:30 pm
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NEUTRAL IMPACT
The lower-than-expected increase in natural gas storage could have a mixed impact on the broader market, as represented by SPY. Energy sector stocks within SPY might see some volatility.
SPY includes a diverse range of sectors, and while the energy sector might be impacted by the natural gas storage report, the overall impact on SPY is likely to be neutral.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
POSITIVE IMPACT
The United States Natural Gas Fund (UNG) is likely to experience a positive short-term impact due to the lower-than-expected increase in natural gas storage, which could indicate tighter supply.
UNG directly tracks natural gas prices, and a lower-than-expected storage increase suggests tighter supply, which is typically bullish for natural gas prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100