USA Natural Gas Storage 13B Vs 26B Est.; 35B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows an increase of 13 billion cubic feet, which is significantly lower than the estimated 26 billion cubic feet and the previous week's increase of 35 billion cubic feet.
September 05, 2024 | 2:30 pm
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POSITIVE IMPACT
The United States Natural Gas Fund (UNG) may see a positive impact as the lower-than-expected increase in natural gas storage could lead to higher natural gas prices.
The lower-than-expected increase in natural gas storage suggests a tighter supply, which could lead to higher natural gas prices. This is likely to benefit UNG, which tracks natural gas prices.
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 report, as it is a broad market ETF.
SPY is a broad market ETF and is not directly tied to natural gas prices. The natural gas storage report is unlikely to have a significant impact on SPY's performance.
CONFIDENCE 95
IMPORTANCE 10
RELEVANCE 20