USA Natural Gas Storage Build Of 78B Vs Build Of 84B Est.; Build Of 70B Prior
Portfolio Pulse from Benzinga Newsdesk
The USA reported a natural gas storage build of 78 billion cubic feet, which is lower than the estimated build of 84 billion cubic feet but higher than the prior build of 70 billion cubic feet.
May 23, 2024 | 2:31 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) is unlikely to be significantly impacted by the natural gas storage report, as it is a broad market ETF and the news pertains specifically to the natural gas sector.
SPY tracks the S&P 500 index, which is diversified across various sectors. The natural gas storage report is sector-specific and unlikely to have a major impact on SPY.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 20
NEUTRAL IMPACT
The United States Oil Fund (USO) is unlikely to be significantly impacted by the natural gas storage report, as it focuses on crude oil prices rather than natural gas.
USO tracks crude oil prices, which are influenced by different factors than natural gas prices. The natural gas storage report is not directly relevant to USO.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 20
POSITIVE IMPACT
The United States Natural Gas Fund (UNG) may see a positive impact as the reported natural gas storage build of 78B cubic feet is lower than the estimated 84B, indicating potentially higher demand or lower supply than expected.
The lower-than-expected natural gas storage build suggests a tighter supply or higher demand, which could lead to higher natural gas prices, benefiting UNG.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100