Natural Gas Posts Fresh Highs (UNG)
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United States Natural Gas ETF (NYSE: UNG) is on the move again in early trading on Wednesday as natural gas futures break north of $2.80, posting fresh highs above $2.83. Resistance ahead of $3 is expected to be very strong, but for now the rally keeps on rolling.
In terms of fundamentals, traders are pointing to warmer weather in the U.S. which should drive energy demand. Nat-gas is also getting scooped up by investors with longer-term time horizons as the story behind natural gas use in the U.S. continues to draw a crowd.
Earlier today, natural-gas engine maker Westport Innovations (Nasdaq: WPRT) announced its second agreement with GM (NYSE: GM) for advanced engineering development for light-duty vehicles.
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In terms of fundamentals, traders are pointing to warmer weather in the U.S. which should drive energy demand. Nat-gas is also getting scooped up by investors with longer-term time horizons as the story behind natural gas use in the U.S. continues to draw a crowd.
Earlier today, natural-gas engine maker Westport Innovations (Nasdaq: WPRT) announced its second agreement with GM (NYSE: GM) for advanced engineering development for light-duty vehicles.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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