USA Natural Gas Storage -6BCF Vs 43BCF Est.; 21BCF Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows a decrease of 6 billion cubic feet (BCF), significantly below the estimated increase of 43 BCF and the prior increase of 21 BCF.
August 15, 2024 | 2:38 pm
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POSITIVE IMPACT
The United States Natural Gas Fund (UNG) is likely to see a positive impact due to the unexpected decrease in natural gas storage, which could indicate tighter supply and potentially higher prices.
The significant deviation from the expected natural gas storage levels suggests a tighter supply, which typically leads to higher natural gas prices. As UNG tracks natural gas prices, it is likely to benefit from this development.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100