Nat-Gas Traders Continue to Buy Ahead of Inventory Data
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Natural gas futures, often bought and sold using the ETF (NYSE: UNG), are moving higher this morning ahead of inventory data out later today. Inventory data is expected to continue to trend lower as demand picks up following a warmer than usual winter which pushed supplies up and prices down to 10 year lows early in the year.
Increasing demand for nat-gas has been tied to electric utilities, who are opting to use natural gas generators vs. coal fired means of creating electricity, especially considering the relatively depressed price of natural gas.
Natural gas prices are up 1.38 percent since yesterday's closing price. The upside move comes on the heals of a month long rally in the commodity, with UNG up over 28 percent.
Increasing demand for nat-gas has been tied to electric utilities, who are opting to use natural gas generators vs. coal fired means of creating electricity, especially considering the relatively depressed price of natural gas.
Natural gas prices are up 1.38 percent since yesterday's closing price. The upside move comes on the heals of a month long rally in the commodity, with UNG up over 28 percent.
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