Natural Gas Traders React to the Weather as Tropical Storm ISAAC Heads for Florida (UNG)
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Natural gas traders are following developments in the Atlantic. The latest forecast says Tropical Storm ISAAC could reach Florida by Monday morning, according to reports from the National Hurricane Center. The storm packs winds of 45 mph and is moving northwest at 18 miles per hour. Models say the storm could intensify prior to making landfall.
The reaction in futures pits has been relatively muted since the storm’s track shows it veering away from operations in the Gulf of Mexico, although it is too soon to know for sure.
Temperature forecasts might also help support the price of natural gas and United States Natural Gas ETF (NYSE: UNG), as some are calling for above average temperatures.
Tomorrow investors will be focused on inventory data for last week. Despite below average builds, natural gas futures prices remain sensitive to inventory data because storage levels remain elevated.
United States Natural Gas (NYSE: UNG) is trading lower by 0.25 percent intraday on Wednesday. Futures trade at $2.80 per million BTU.
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The reaction in futures pits has been relatively muted since the storm’s track shows it veering away from operations in the Gulf of Mexico, although it is too soon to know for sure.
Temperature forecasts might also help support the price of natural gas and United States Natural Gas ETF (NYSE: UNG), as some are calling for above average temperatures.
Tomorrow investors will be focused on inventory data for last week. Despite below average builds, natural gas futures prices remain sensitive to inventory data because storage levels remain elevated.
United States Natural Gas (NYSE: UNG) is trading lower by 0.25 percent intraday on Wednesday. Futures trade at $2.80 per million BTU.
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