U.S. EIA Says Gasoline Demand Fell To 8.83M Barrels/Day In April, Lowest Since February
Portfolio Pulse from Benzinga Newsdesk
The U.S. Energy Information Administration (EIA) reported that gasoline demand fell to 8.83 million barrels per day in April, the lowest level since February.
June 28, 2024 | 3:15 pm
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NEGATIVE IMPACT
The decline in gasoline demand could indicate a slowdown in economic activity, potentially impacting the broader market represented by SPY.
A decrease in gasoline demand often correlates with reduced economic activity, which can negatively impact the broader market. SPY, representing the S&P 500, may see a short-term decline as investors react to this news.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50
NEGATIVE IMPACT
The drop in gasoline demand might affect the energy sector, including natural gas markets, potentially impacting UNG.
While UNG focuses on natural gas, a decline in overall energy demand, as indicated by lower gasoline consumption, could have a negative impact on the energy sector, including natural gas markets.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 30