USA Gasoline Inventories A Build Of 2.022M Vs A Build Of 1.000M Est.; Draw Of 0.945M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a build of 2.022 million barrels, significantly higher than the estimated build of 1.000 million barrels and the prior draw of 0.945 million barrels.
May 30, 2024 | 3:00 pm
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NEGATIVE IMPACT
The significant build in gasoline inventories could indicate lower demand or higher supply, potentially impacting the broader market represented by SPY.
A higher-than-expected build in gasoline inventories can signal lower demand or increased supply, which may negatively impact energy stocks and, by extension, the broader market represented by SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
The build in gasoline inventories might indirectly affect natural gas prices and the UNG ETF, as changes in energy supply and demand dynamics can have cross-commodity impacts.
While UNG is focused on natural gas, the significant build in gasoline inventories can influence overall energy market sentiment, potentially leading to short-term price adjustments.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30