Natural Gas Pares Losses as Inventory Drops (UNG)
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United States Natural Gas ETF (NYSE: UNG) gained 1.9 percent on Thursday following a bullish EIA inventory report. The report showed stockpiles fell 201 bcf compared to an expected drop of 191 bcf. The larger than expected drop turned the tide of negative sentiment, allowing futures prices to recover to $3.20 per million btu after dropping to $3.10 yesterday.
In the past 30 days, UNG has declined by over 10 percent. The decline is tired to forecasts for mild weather in parts of the country, which is seen crimping demand for natural gas used in power generation. Natural gas storage levels remain well above the 5-year average, and traders are paying very close attention to weekly inventory reports.
In the past 30 days, UNG has declined by over 10 percent. The decline is tired to forecasts for mild weather in parts of the country, which is seen crimping demand for natural gas used in power generation. Natural gas storage levels remain well above the 5-year average, and traders are paying very close attention to weekly inventory reports.
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