Natural Gas Traders Eye Coal Prices as Inventory Prints In-Line with Estimates (UNG)
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United States Natural Gas (NYSE: UNG) is trading mostly flat intra-day on Thursday after inventory data from the EIA showed that stock piles rose 67 bcf. This was only nearly in line with expectations of a rise of 65 bcf rise forecast by analysts.
Natural gas futures are trading just below $2.80 per million btu, off recent highs near $3. Factors affecting the price of natural gas include weather, nuclear outages, coal prices, storage, and production. Of those factors, for the moment depressed coal prices are the main factor keeping a lid on natural gas, say traders, since it places a drag on power plant natural gas/ coal switching.
Today United States Natural Gas ETF (NYSE: UNG) gained 0.2 percent to 19.13. In the past 30-days, UNG is higher by a modest 1 percent.
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Natural gas futures are trading just below $2.80 per million btu, off recent highs near $3. Factors affecting the price of natural gas include weather, nuclear outages, coal prices, storage, and production. Of those factors, for the moment depressed coal prices are the main factor keeping a lid on natural gas, say traders, since it places a drag on power plant natural gas/ coal switching.
Today United States Natural Gas ETF (NYSE: UNG) gained 0.2 percent to 19.13. In the past 30-days, UNG is higher by a modest 1 percent.
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