USA Natural Gas Storage 78B Vs 79B Est.; 80B Prior
Portfolio Pulse from Benzinga Newsdesk
The latest report on USA natural gas storage shows a build of 78 billion cubic feet, slightly below the estimated 79 billion and the previous week's 80 billion. This data could influence energy-related ETFs and stocks.
October 31, 2024 | 2:30 pm
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POSITIVE IMPACT
The United States Natural Gas Fund (UNG) may see a slight positive impact as the natural gas storage build was below expectations, indicating potentially tighter supply.
The natural gas storage report showed a build of 78B cubic feet, which is below the expected 79B. This could suggest a tighter supply than anticipated, potentially leading to a short-term increase in natural gas prices, benefiting UNG.
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 slight deviation in natural gas storage figures is unlikely to have a noticeable impact on SPY's performance.
CONFIDENCE 95
IMPORTANCE 10
RELEVANCE 20