USA Natural Gas Storage 47B Vs 52B Est.; 58B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows an increase of 47 billion cubic feet, which is below the estimated 52 billion and the previous week's 58 billion. This could impact natural gas prices and related ETFs.
September 26, 2024 | 2:30 pm
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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 80
IMPORTANCE 10
RELEVANCE 20
POSITIVE IMPACT
The United States Natural Gas Fund (UNG) may see a positive impact as the natural gas storage increase was below expectations, potentially leading 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. As UNG tracks natural gas prices, it may benefit from this development.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80