Natural Gas Prices Breakout Lower as Old Man Winter Takes a Nap
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Natural gas futures and United States Natural Gas ETF (NYSE: UNG) are trading lower on Monday as moderate, 60-degree temperatures overtake New York and Washington. This caused many natural gas bulls to lose their nerve, fearing today's warm spell would result in less natural gas use in power generation.
Last week natural gas bulls were happy to learn of a larger-than-expected decline in stockpiles. However, this failed to move the needle on prices, as December weather forecasts were uncooperative.
Looking forward, temperatures are likely to returning to normal, though above average overall storage levels could keep fingers from straying too far from the sell button, as any sign warming could prove fatal for natural gas.
United States Natural Gas (NYSE: UNG) is lower by 3 percent early on Monday. Futures prices trade below $3.5 per million btu.
Last week natural gas bulls were happy to learn of a larger-than-expected decline in stockpiles. However, this failed to move the needle on prices, as December weather forecasts were uncooperative.
Looking forward, temperatures are likely to returning to normal, though above average overall storage levels could keep fingers from straying too far from the sell button, as any sign warming could prove fatal for natural gas.
United States Natural Gas (NYSE: UNG) is lower by 3 percent early on Monday. Futures prices trade below $3.5 per million btu.
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