USA Natural Gas Storage 18B Vs 31B Est.; 22B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows an 18 billion cubic feet increase, which is below the estimated 31 billion cubic feet and the prior increase of 22 billion cubic feet.
August 01, 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 natural gas storage increase was significantly below expectations.
UNG directly tracks natural gas prices, and a lower-than-expected storage increase typically leads to higher natural gas prices, benefiting UNG.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 90
NEUTRAL IMPACT
The SPDR S&P 500 ETF (SPY) may experience minor fluctuations due to the lower-than-expected natural gas storage increase, as energy sector stocks could be impacted.
The SPY ETF includes energy sector stocks, which could be affected by the natural gas storage report. However, the overall impact on SPY is expected to be minor due to its diversified holdings.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50