Natural Gas Prices Struggle as Inventory Remains Above Average (UNG)
United States Natural Gas ETF (NYSE: UNG) declined on Thursday as futures prices fell to $3.30 per million btu, levels not since October. This morning, government data showed a build in inventory of 2 bcf, compared to an expected drop of 3 bcf. While not drastically, the fact that inventories are building again is not a good sign for natural gas bulls.
On the bright side, inventory is not significantly above last year's levels, though it remains above the 5-year average. As of December 7th, total gas stockpiles were 3.806 tcf, 8 percent higher than the 5-year average and 1.3 percent higher than last year. In November, inventories levels reached a record high of 3.929 tcf.
Looking forward, traders continue to pay close attention to weather forecasts.
United States Natural Gas ETF (NYSE: UNG) is lower by 1.5 percent intraday on Thursday.
On the bright side, inventory is not significantly above last year's levels, though it remains above the 5-year average. As of December 7th, total gas stockpiles were 3.806 tcf, 8 percent higher than the 5-year average and 1.3 percent higher than last year. In November, inventories levels reached a record high of 3.929 tcf.
Looking forward, traders continue to pay close attention to weather forecasts.
United States Natural Gas ETF (NYSE: UNG) is lower by 1.5 percent intraday on Thursday.
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