Natural Gas Inventory Returns to Norms (UNG)
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United States Natural Gas Fund ETF (NYSE: UNG) moved higher on Thursday, recovering some of this week's losses. EIA inventory data showed a build of 66bcf compared to estimates of 61bcf. These builds are about in line with the five year average of 62 bcf, and signals a reversal of previous levels of inventory builds that were below norms.
Since being rejected at $3.277 in July, natural gas futures have sold off and are now trading just under $2.70. United States Natural Gas Fund ETF (NYSE: UNG) have declined 17.5 percent in the past 30 days. Temperatures in the U.S. are expected to remain above average, and this is helping to provide support on the downside, but another push above $3 is probably not in the cards near term, say traders.
Since being rejected at $3.277 in July, natural gas futures have sold off and are now trading just under $2.70. United States Natural Gas Fund ETF (NYSE: UNG) have declined 17.5 percent in the past 30 days. Temperatures in the U.S. are expected to remain above average, and this is helping to provide support on the downside, but another push above $3 is probably not in the cards near term, say traders.
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