Nat-Gas (UNG) Traders Use Tropical Storm Debby as an Excuse to Test Highs
Tweet Send to a Friend
United States Natural Gas ETF (NYSE: UNG) is expected to open higher on Monday as natural gas futures move north, nearing the important $2.80 level. The move higher is being fueled by cuts in production in the Gulf due to Tropical Storm Debby. Exxon Mobil said on Sunday that it was cutting 7 million cubic feet of daily output due to the storm. Other Gulf producers are also trimming output due to the effects from the storm.
Overall, the storm is not expected to have a significant effect on natural gas production, but traders are using it as an excuse the test the highs. United States Natural Gas (UNG) is expected to open at 18.77, 3 percent higher than Friday’s close.
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
Overall, the storm is not expected to have a significant effect on natural gas production, but traders are using it as an excuse the test the highs. United States Natural Gas (UNG) is expected to open at 18.77, 3 percent higher than Friday’s close.
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
- Markets Fluctuate on Chatter of Early QE Exit by Fed
- Bernanke Speech at 49th Annual Conference on Bank Structure and Competition
- Soros, Others Dump Gold as Metal No Longer 'Safe Haven'
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!
