USA Gasoline Inventories A Build Of 3.328M Vs A Draw Of 1.700M Est.; Draw Of 2.006M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a build of 3.328 million barrels, contrary to the expected draw of 1.700 million barrels and the prior draw of 2.006 million barrels.
July 17, 2024 | 2:30 pm
News sentiment analysis
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NEGATIVE IMPACT
The unexpected build in gasoline inventories could negatively impact energy stocks, which are a component of the SPY ETF.
The SPY ETF includes energy stocks, which could be negatively impacted by the unexpected build in gasoline inventories, leading to potential downward pressure on SPY.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
The build in gasoline inventories may have a neutral to slightly negative impact on UNG, as it is more directly related to natural gas rather than gasoline.
UNG is primarily focused on natural gas, so the gasoline inventory build may not have a significant impact. However, broader energy market trends could still influence UNG slightly.
CONFIDENCE 70
IMPORTANCE 40
RELEVANCE 30