Natural Gas Inventory Below Norms, Traders Fear Heat Wave could End (UNG)
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United States Natural Gas ETF (NYSE: UNG) is lower in intraday trading on Thursday as natural gas futures pulled back from fresh 7-month highs tapped earlier this week. Natural gas inventories for last week were reported today at the high end of analyst estimates at 28bcf. This is the 14th straight week of below seasonal norms for inventory builds. However, storage levels remain above average for this time of year. Traders are also keeping a close eye on weather forecasts, with some models calling for a cooling following a month of record setting heat throughout the country. As a result, natural gas futures and United States Natural Gas ETF (NYSE: UNG) are trading lower.
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