USA Gasoline Inventories A Build Of 2.654M Vs A Draw Of 1.100M Est.; Draw Of 2.280M Prior
Portfolio Pulse from Benzinga Newsdesk
The latest data shows that USA gasoline inventories have increased by 2.654 million barrels, contrary to the expected draw of 1.100 million barrels. This follows a previous draw of 2.280 million barrels.
June 26, 2024 | 2:30 pm
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NEUTRAL IMPACT
The rise in gasoline inventories might indirectly affect natural gas prices and the UNG ETF, as energy markets are interconnected.
While UNG is focused on natural gas, the interconnected nature of energy markets means that changes in gasoline inventories could have an indirect effect.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30
NEGATIVE IMPACT
The increase in gasoline inventories could indicate lower demand or higher supply, potentially impacting the broader market represented by SPY.
An unexpected increase in gasoline inventories can signal lower demand or higher supply, which may negatively impact energy stocks and, by extension, the broader market represented by SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50