Bullish Inventory Causes Spike in Natural Gas (UNG)
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Natural gas prices hit yearly highs at $3.59 per million btu on the heals of a bullish weekly inventory report by the EIA. The report showed stockpiles rose 72 bcf versus expectations for a build of 78 bcf. On average stockpiles rose 84 bcf during the same period over the past five years.
Weather forecasts cast a pall on sentiment yesterday, when the National Weather Service outlook called for above-normal temperatures in next 6 to 10 days. However, with prices holding steady above $3.50, bulls remained comfortable holding long positions, at least for now.
United States Natural Gas ETF (NYSE: UNG) is higher by 4 percent in early trading on Thursday.
Weather forecasts cast a pall on sentiment yesterday, when the National Weather Service outlook called for above-normal temperatures in next 6 to 10 days. However, with prices holding steady above $3.50, bulls remained comfortable holding long positions, at least for now.
United States Natural Gas ETF (NYSE: UNG) is higher by 4 percent in early trading on Thursday.
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