Chesapeake Energy's (CHK) McClendon Says Natural Gas in Multi-Year Up Cycle (UNG)

August 7, 2012 10:56 AM EDT
United States Natural Gas (NYSE: UNG) is moving higher today after Aubrey McClendon, Chesapeake Energy (NYSE: CHK) CEO, said he thinks natural gas prices has entered a multi-year up cycle. Natural gas prices have turned higher this year after reaching decade lows at $1.84 per million BTU. The lows were triggered by a supply glut, which according to McClendon will end soon, triggering a rally in prices. In order to keep producers interested, McClendon says prices must remain above $3.

United States Natural Gas (NYSE: UNG) is higher by 1.30 percent intraday on Tuesday. Futures prices trade just below $3 at $2.95 per million BTU.

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Aubrey McClendon