Biden Plans To Release 1 Million Barrels Of Gasoline To Curb Northeast Prices: 'Because He's Unable To Drill Properly,' Trump Says
Portfolio Pulse from Piero Cingari
The Biden administration plans to release 1 million barrels of gasoline from reserves to curb rising fuel prices in the Northeast. This move, aimed at easing costs between Memorial Day and July 4, has led to a decline in gasoline futures and energy-related stocks. Former President Trump criticized the action, attributing it to Biden's inability to drill properly.
May 22, 2024 | 2:46 pm
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NEGATIVE IMPACT
Devon Energy Corporation (NYSE:DVN) saw a decline of approximately 1.4-1.5% following the announcement of the gasoline release.
Devon Energy Corporation's stock declined as part of the broader negative reaction in energy stocks to the gasoline release announcement.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
EQT Corporation (NYSE:EQT) saw a decline of approximately 1.4-1.5% following the announcement of the gasoline release.
EQT Corporation's stock declined as part of the broader negative reaction in energy stocks to the gasoline release announcement.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
Marathon Oil Corporation (NYSE:MRO) experienced a decline of approximately 1.4-1.5% following the announcement of the gasoline release.
Marathon Oil Corporation's stock declined as part of the broader negative reaction in energy stocks to the gasoline release announcement.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 60
NEGATIVE IMPACT
The United States Gasoline Fund LP (NYSE:UGA) experienced a decline following the announcement of the gasoline release, dropping by 1.2% on Monday, 1% on Tuesday, and another 1% on Wednesday.
The release of gasoline from reserves is directly aimed at lowering prices, which has led to a decline in gasoline futures and related ETFs like UGA.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 90
NEGATIVE IMPACT
The Energy Select Sector SPDR Fund (NYSE:XLE) has underperformed recently, dropping by 0.5% on Tuesday and by 0.6% on Wednesday following the announcement.
Energy-related stocks, as tracked by XLE, have declined following the announcement, reflecting market reactions to the anticipated impact on fuel prices.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 70