USA Natural Gas Storage 74B Vs 75B Est.; 98B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows a build of 74 billion cubic feet, slightly below the estimated 75 billion cubic feet and significantly lower than the prior build of 98 billion cubic feet.
June 13, 2024 | 2:30 pm
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POSITIVE IMPACT
The United States Natural Gas Fund (UNG) is likely to see a positive impact as the latest natural gas storage build is lower than expected, indicating potentially tighter supply.
A lower-than-expected natural gas storage build suggests tighter supply, which can lead to higher natural gas prices. This is beneficial for UNG, which tracks natural gas prices.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
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 natural gas is just one of many factors influencing its performance.
SPY is a broad market ETF that tracks the S&P 500 index. While energy prices can influence the market, the impact of a single natural gas storage report is minimal compared to other factors.
CONFIDENCE 80
IMPORTANCE 20
RELEVANCE 20