EIA Natural Gas Storage Draw Of -40 Bcf Misses Expectations
Portfolio Pulse from
The EIA reported a natural gas storage draw of -40 Bcf, which was below expectations. This news has caused natural gas prices to move away from session highs as traders react to the report.
January 08, 2025 | 5:45 pm
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NEGATIVE IMPACT
The United States Natural Gas Fund (UNG) may see a short-term impact as natural gas prices react to the EIA report showing a storage draw of -40 Bcf, which missed expectations.
The United States Natural Gas Fund (UNG) is directly affected by changes in natural gas prices. The EIA report showing a lower-than-expected storage draw suggests weaker demand or higher supply, which can lead to a decrease in natural gas prices, negatively impacting UNG.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80