Energy Traders Opt to Close Positions Going into an Unpredictable Weekend
Tweet
Share
E-mail
United States Natural Gas ETF (NYSE: UNG) turned lower mid-day on Friday as futures prices ticked below $2.75 per million BTU. The downdraft on Friday closes out a choppy week of trading that left the ETF mostly unchanged. Heading into the weekend, many traders are reluctant to hold positions in natural gas given the uncertainty of developments in the Gulf of Mexico.
The latest forecast says tropical storm ISAAC could intensify over the weekend as it moves into the Gulf. The storm's projected track has moved west since yesterday, and the eye of the storm could make landfall near the coast of Alabama. Several rigs in the gulf have begun evacuations of non-essential personal.
Forecasters are quick to point out the highly unpredictable nature of these types of storms, and that was enough to cause traders to close positions and pack up for the week. On Monday morning the storms effect on gas production in the gulf will be easier to assess.
The latest forecast says tropical storm ISAAC could intensify over the weekend as it moves into the Gulf. The storm's projected track has moved west since yesterday, and the eye of the storm could make landfall near the coast of Alabama. Several rigs in the gulf have begun evacuations of non-essential personal.
Forecasters are quick to point out the highly unpredictable nature of these types of storms, and that was enough to cause traders to close positions and pack up for the week. On Monday morning the storms effect on gas production in the gulf will be easier to assess.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trump: don't think war with Iran will start again, will make things safer for oil
- Natural Gas Inventory 61 bcf vs 56 bcf Expected
- Oil's H2 track record: 60% win rate masks midterm-year drag
Create E-mail Alert Related Categories
Commodities, ETFsSign 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!
