Energy Traders Opt to Close Positions Going into an Unpredictable Weekend
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United States Natural Gas ETF (NYSE: UNG) turned lower mid-day on Friday as futures prices ticked below $2.75 per million BTU. The downdraft on Friday closes out a choppy week of trading that left the ETF mostly unchanged. Heading into the weekend, many traders are reluctant to hold positions in natural gas given the uncertainty of developments in the Gulf of Mexico.
The latest forecast says tropical storm ISAAC could intensify over the weekend as it moves into the Gulf. The storm's projected track has moved west since yesterday, and the eye of the storm could make landfall near the coast of Alabama. Several rigs in the gulf have begun evacuations of non-essential personal.
Forecasters are quick to point out the highly unpredictable nature of these types of storms, and that was enough to cause traders to close positions and pack up for the week. On Monday morning the storms effect on gas production in the gulf will be easier to assess.
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The latest forecast says tropical storm ISAAC could intensify over the weekend as it moves into the Gulf. The storm's projected track has moved west since yesterday, and the eye of the storm could make landfall near the coast of Alabama. Several rigs in the gulf have begun evacuations of non-essential personal.
Forecasters are quick to point out the highly unpredictable nature of these types of storms, and that was enough to cause traders to close positions and pack up for the week. On Monday morning the storms effect on gas production in the gulf will be easier to assess.
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