Natural Gas Fried as Inventory Shows Surprise Build (UNG)

November 29, 2012 10:46 AM EST
United States Natural Gas ETF (NYSE: UNG) dropped in early trading on Thursday following the release of EIA inventory data. Traders were anticipating a 9 bcf drop in inventory and were surprise to learn that stockpiles rose by 4 bcf – not a good sign considering record high storage levels.

Natural gas has been under pressure for most of the week as weather forecasts call for moderating temperatures in early December. This is seen curbing demand for natural gas used in electricity generation.

United States Natural Gas ETF (NYSE: UNG) is lower by 4 percent. Futures prices trade below $3.70 per million btu.

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