Natural Gas Swoons on Inventory Data (UNG)
Tweet Send to a Friend
United States Natural Gas Fund, LP (NYSE: UNG) is trading lower by 4.58 percent intraday on Thursday. The dramatic selloff came in response to inventory data in the U.S. which showed stock piles rose to 47 bcf vs. estimates of 40 bcf. While the build is still below the 5-year average, larger than average total inventory makes natural gas highly sensitive to weekly data.
Besides inventory, traders are also following developments off the coast of Florida, where tropical storm Isaac is brewing. Production of natural gas in the gulf is not as import as it was a few years ago, but major shut-ins could certainly have an effect on natural gas prices.
After briefly touching 22, United States Natural Gas Fund, LP (NYSE: UNG) has declined 10 percent in the past 30 days.
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
Besides inventory, traders are also following developments off the coast of Florida, where tropical storm Isaac is brewing. Production of natural gas in the gulf is not as import as it was a few years ago, but major shut-ins could certainly have an effect on natural gas prices.
After briefly touching 22, United States Natural Gas Fund, LP (NYSE: UNG) has declined 10 percent in the past 30 days.
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
- UPDATE: Crude Inventory Gains 313K Barrels vs 500K Decline Expected
- FOMC Maintains $85B Bond Buying Plan
- SPDR Gold Trust (GLD) fall below 1,000 tons to lowest since 2009
Create E-mail Alert Related Categories
Commodities, ETFs
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!
