USA Natural Gas Storage 80B Vs 61B Est.; 76B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest data shows that USA natural gas storage increased by 80 billion cubic feet, surpassing the estimated 61 billion and the previous 76 billion. This could impact natural gas prices and related ETFs.
October 24, 2024 | 2:30 pm
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NEUTRAL IMPACT
The SPDR S&P 500 ETF Trust (SPY) is unlikely to be directly impacted by the natural gas storage data, 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 data is more relevant to specific energy sector ETFs like UNG.
CONFIDENCE 95
IMPORTANCE 10
RELEVANCE 20
NEGATIVE IMPACT
The United States Natural Gas Fund (UNG) may experience price fluctuations due to the higher-than-expected increase in natural gas storage, which could affect natural gas prices.
The increase in natural gas storage suggests a potential oversupply, which could lead to a decrease in natural gas prices. As UNG tracks natural gas prices, its value may decline in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80