USA Gasoline Inventories A Draw Of 2.894M Vs A Draw Of 1.100M Est.; Build Of 1.340M Prior
Portfolio Pulse from Benzinga Newsdesk
USA gasoline inventories saw a draw of 2.894 million barrels, significantly higher than the estimated draw of 1.100 million barrels and the prior build of 1.340 million barrels.
August 14, 2024 | 2:30 pm
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POSITIVE IMPACT
The significant draw in gasoline inventories could lead to higher energy prices, potentially benefiting energy stocks within the SPY ETF.
A larger-than-expected draw in gasoline inventories typically leads to higher energy prices, which can positively impact energy stocks within the SPY ETF.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
The draw in gasoline inventories may indirectly affect natural gas prices, potentially benefiting the UNG ETF.
While the direct impact is on gasoline, the energy market is interconnected, and a significant draw in gasoline inventories can lead to higher overall energy prices, including natural gas.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 30