USA Natural Gas Storage 82B Vs 73B Est.; 55B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest data shows that USA natural gas storage increased by 82 billion cubic feet, surpassing the estimated 73 billion and the previous 55 billion. This indicates a higher-than-expected supply of natural gas.
October 10, 2024 | 2:30 pm
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The United States Natural Gas Fund (UNG) may experience a short-term price decrease due to the higher-than-expected increase in natural gas storage, indicating a surplus in supply.
The increase in natural gas storage to 82 billion cubic feet, above the expected 73 billion, suggests a surplus in supply. This typically leads to a decrease in natural gas prices, which could negatively impact the United States Natural Gas Fund (UNG) in the short term.
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