USA Natural Gas Storage 35B Vs 33B Est. 35B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest data on USA natural gas storage shows an increase of 35 billion cubic feet, matching the prior level and slightly exceeding the estimated 33 billion cubic feet.
August 29, 2024 | 2:30 pm
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NEGATIVE IMPACT
The United States Natural Gas Fund (UNG) may experience a short-term impact due to the reported increase in natural gas storage, which slightly exceeded estimates.
The increase in natural gas storage suggests a higher supply, which could lead to a decrease in natural gas prices. This may negatively impact the United States Natural Gas Fund (UNG) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) is unlikely to be significantly impacted by the natural gas storage data, as it is a broad market ETF.
SPY is a broad market ETF and is not directly affected by changes in natural gas storage levels. The impact on SPY is minimal as it encompasses a wide range of sectors.
CONFIDENCE 80
IMPORTANCE 10
RELEVANCE 20