Inventory Builds, Natural Gas Futures Get Hammered
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Natural gas futures, often bought and sold using the ETF (NYSE: UNG), are getting hammered after inventory data showed a larger than expected buildup in. EIA reported that gas stocks piles increased to 61 bcf vs. a consensus of 53 bcf.
Despite the higher than expected buildup, natural gas inventories continue a downward trend vs. year-over-year and five year trends of 86 bcf and 91 bcf, respectively.
Following the data natural gas futures, which have been trending north, took a hit of nearly 4 percent intra-day.
Despite the higher than expected buildup, natural gas inventories continue a downward trend vs. year-over-year and five year trends of 86 bcf and 91 bcf, respectively.
Following the data natural gas futures, which have been trending north, took a hit of nearly 4 percent intra-day.
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