Natural Gas Prices Lower as Inventory Draw Misses Expectations, Again (UNG)
Tweet Send to a Friend
United States Natural Gas ETF (NYSE: UNG) took a beating on Thursday following the release of weekly EIA inventory data. The data showed natural gas stockpiles fell by only 157 bcf versus an expected 166 bcf drop. This was the second miss in a row, and with production and inventory near highs investors are clearly nervous.
Natural gas futures were lower by over 4 percent on the news and may test yearly lows if underlying trends don't improve. Factors affecting the price of natural gas include temperature forecasts, production levels, inventory, rig count, and nuclear outages.
Natural gas production is expected to increase by 1.1 percent in 2013 to 70 bcf per day. Consumption should rise by 1.2 percent, according to data from the EIA.
United States Natural Gas ETF (NYSE: UNG) was lower by 4.1 percent intra-day on Thursday. Futures traded near $3.15 per million btu.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
Natural gas futures were lower by over 4 percent on the news and may test yearly lows if underlying trends don't improve. Factors affecting the price of natural gas include temperature forecasts, production levels, inventory, rig count, and nuclear outages.
Natural gas production is expected to increase by 1.1 percent in 2013 to 70 bcf per day. Consumption should rise by 1.2 percent, according to data from the EIA.
United States Natural Gas ETF (NYSE: UNG) was lower by 4.1 percent intra-day on Thursday. Futures traded near $3.15 per million btu.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
You May Also Be Interested In
- Silver, Gold Active as Bernanke Expresses Some Concerns (SLV) (GLD)
- GLD Holdings Continue to Decline (GLD) (SLV) (GDX)
- Gold Sinks Below $1400/oz (GLD) (IAU) (SLV)
Create E-mail Alert Related Categories
Commodities, ETFsRelated Entities
Natural Gas Inventories
Login with Facebook
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
