USA Gasoline Inventories A Draw Of 5.572M Vs Build Of 3.328M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a significant draw of 5.572 million barrels, compared to a prior build of 3.328 million barrels. This unexpected draw could impact energy-related stocks and ETFs.
July 24, 2024 | 2:30 pm
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NEUTRAL IMPACT
The draw in gasoline inventories may indirectly affect natural gas prices, impacting UNG, although the direct correlation is weaker.
While gasoline and natural gas are different markets, changes in one can sometimes influence the other. However, the impact on UNG is less direct.
CONFIDENCE 60
IMPORTANCE 50
RELEVANCE 30
POSITIVE IMPACT
The significant draw in gasoline inventories could lead to higher energy prices, potentially benefiting the broader market represented by SPY.
Higher energy prices can boost the energy sector, which is a component of SPY, potentially leading to a positive impact on the ETF.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50