EIA Sees Nat-Gas at $3.23 in 2013 (UNG)
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The U.S. Energy Information Administration expects natural gas prices to rise to $3.23 per MMBtu in 2013. For 2012, their forecast is $2.55 MMBtu, which is $0.10 higher than last month's outlook.
United States Natural Gas (NYSE: UNG), and ETF that tracks the futures price, is higher by 0.4 percent in early trading on Wednesday, but lower by 8 percent in the past 5 days following profit taking following a rebound off lows.
Last week, inventory data showed a build up. Natural gas working inventories ended May at an estimated 2.9 trillion cubic feet (Tcf), about 31 percent above the same time last year, according to the EIA. The market will get the next reading on Thursday.
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United States Natural Gas (NYSE: UNG), and ETF that tracks the futures price, is higher by 0.4 percent in early trading on Wednesday, but lower by 8 percent in the past 5 days following profit taking following a rebound off lows.
Last week, inventory data showed a build up. Natural gas working inventories ended May at an estimated 2.9 trillion cubic feet (Tcf), about 31 percent above the same time last year, according to the EIA. The market will get the next reading on Thursday.
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