Natural Gas Hit as Inventory Draw Falls Short, Warm Weather Coming Soon (UNG)
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United States Natural Gas ETF (NYSE: UNG) plunged on Thursday following the release of EIA inventory data. The data showed stockpiles fell by 194 bcf versus an expected 204 bcf drop. Nat-gas is highly sensitive to inventory data as total inventory remains well above the 5-year average, and the smaller than expected draw has some traders worried about a repeat of 2012, when natural gas prices reached 10-year lows.
Despite cold weather in the Midwest, traders are concerned about a snapback in temperatures, with some forecasts calling for temperatures well above average on a 10-day forecast.
Natural gas trades lower near $3.26 per million btu. United States Natural Gas ETF (NYSE: UNG) is lower by 2.5 percent.
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Despite cold weather in the Midwest, traders are concerned about a snapback in temperatures, with some forecasts calling for temperatures well above average on a 10-day forecast.
Natural gas trades lower near $3.26 per million btu. United States Natural Gas ETF (NYSE: UNG) is lower by 2.5 percent.
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