USA Gasoline Inventories A Build Of 1.825M Vs A Draw Of 1.600M Est.; Draw Of 0.235M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a build of 1.825 million barrels, contrary to the expected draw of 1.600 million barrels. This is a significant change from the previous draw of 0.235 million barrels.
May 22, 2024 | 2:30 pm
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NEUTRAL IMPACT
The build in gasoline inventories may indirectly affect natural gas prices and the UNG ETF, though the impact is less direct.
While the build in gasoline inventories primarily affects oil and gasoline markets, there could be some indirect effects on natural gas prices and the UNG ETF. However, the impact is less direct and less certain.
CONFIDENCE 60
IMPORTANCE 40
RELEVANCE 30
NEGATIVE IMPACT
The unexpected build in gasoline inventories could negatively impact energy stocks, which are a component of the SPY ETF.
The SPY ETF includes energy stocks, which could be negatively impacted by the unexpected build in gasoline inventories, leading to potential downward pressure on SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50